Contact: Heidi Baldwin, Murphy O Brien
310-586-7129 or email@example.com
Amelia Richmond, Squaw Valley USA
530-452-7111 or firstname.lastname@example.org
For Immediate Release
OLYMPIC VALLEY, Calif. and DENVER, Colo. [December 6, 2010] - KSL Capital Partners, LLC announced today that it has closed the previously announced acquisition of substantially all of the shares of The Squaw Valley Development Company, which includes all facets of Squaw Valley USA ski operations, the Village at Squaw Valley and related real estate holdings.
"Squaw Valley is the birthplace of the modern mountain resort in the United States with a heritage, history, amenities and perhaps most of all, extraordinary terrain that can never be replicated," said Eric Resnick, KSL s Managing Director.
Recently appointed Squaw Valley President and CEO Andy Wirth will continue in his role. Wirth came to Squaw Valley in August 2010 after maintaining executive level positions with Intrawest, based out of Vancouver, British Columbia and Steamboat, Colorado, and has 25 years of experience in the resort and hospitality industry. "Squaw Valley has already begun a transformation under his leadership and we look forward to working with him and the Squaw Valley team as we usher in a new era." said Resnick.
"The announcement of KSL s completing the acquisition of Squaw Valley is great news for our guests and our team," stated Wirth. "The KSL team has already committed more than $50 million in capital improvements over the next three to five years here at Squaw, clearly supporting their commitment to the mountain and guest experience."
KSL is a private equity firm based in Denver dedicated to investments in travel and leisure businesses. KSL s current and prior investments include some of the premier properties in travel and leisure, including Grand Wailea Resort Hotel & Spa, Arizona Biltmore Resort & Spa, La Costa Resort and Spa, Doral Golf Resort & Spa, Hotel del Coronado, the Claremont Hotel Club & Spa, the San Francisco Bay Club and its sister clubs, as well as ClubCorp, the world s largest owner of private golf and business clubs.
Squaw Valley USA is open for the season. The resort received a record amount of snowfall in the month of November. With over 12 feet of new snow over the last several weeks, Squaw Valley USA boasts superb skiing and riding conditions.
Squaw Valley USA was founded in 1949 and hosted the 1960 Winter Olympic Games, the first televised Olympics. Squaw Valley is one of the largest and most diverse mountain resorts in North America, with incomparable outdoor recreational amenities that attract both local residents and visitors from around the globe. For more information, please visit www.squaw.com
KSL Capital Partners is a private equity firm specializing in travel and leisure enterprises in five primary sectors: hospitality, recreation, clubs, real estate and travel services. KSL Capital Partners has offices in Denver, Colorado and New York. For more information, please visit www.kslcapital.com.