Quoted from the Sierra Sun.
OLYMPIC VALLEY, Calif. — The second major Lake Tahoe ski resort changeover in less than a month is nearing completion, as Squaw Valley USA announced early Tuesday that KSL Capital Partners has acquired the resort.
According to a Squaw press release, KSL has entered into an agreement to acquire 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. The transaction is expected to close prior to year end.
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.
Recently appointed Squaw Valley President and CEO Andy Wirth will continue in his role, according to the press release. Wirth came to Squaw in August 2010 after maintaining executive level positions with Intrawest, based out of Vancouver, British Columbia and Steamboat, Colo., and has 24 years of experience in the mountain resort and hospitality industry.
“In the short period of time he’s been at Squaw Valley, all of us at KSL recognize that Andy’s extensive experience and leadership has already had a profound and positive impact on the operations,” Resnick said.
“KSL’s pending acquisition of Squaw Valley is great news for our guests and our dedicated, hardworking team,” Wirth said in a statement. “KSL’s expertise in hospitality, recreation, and guest service will provide the support and resources for Squaw Valley’s talented management team to advance the resort’s enterprise-wide focus on the guest experience. 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.”
In October, Vail Resorts announced it had acquired Northstar-at-Tahoe from Both Creek Resort for about $63 million.