Mr. Shannon was a founding principal of KSL Recreation Corporation in 1992, which was a platform company of Kohlberg Kravis Roberts & Co. Over the next decade, with the assistance of Mr. Resnick as its Chief Financial Officer and KKR, KSL Recreation grew to become one of the largest independent owners and operators of resorts, controlling some of the most well known destinations in the world.
KSL Recreation, which at the time included such resorts as the Grand Wailea in Maui, the Arizona Biltmore in Phoenix, La Quinta PGA West in Palm Springs, and the Doral in Miami, was sold in 2004 to CNL Hotels & Resorts for $2.4 billion. At the time, this transaction was one of the largest ever completed in the hotel industry.
The firm is currently led by an 11 person investment committee, and presently employs 32 investment professionals in Denver, Colorado; Stamford, Connecticut; and London, England.
The firm’s capital is generally funded by a combination of public state and corporate pension funds, private and university endowments, high net worth individuals, fund of funds and other financial institutions.