SAM Magazine-Olympic Valley, Calif., Nov. 23, 2010-KSL Capital Partners, LLC 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 by year's end.

KSL plans to invest more than $50 million in improvements over the next three to five years, under the direction of recently appointed Squaw Valley president and CEO Andy Wirth. "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. We look forward to working with him to create an even brighter future for Squaw Valley," said KSL principal Eric Resnick.

Squaw Valley USA was founded in 1949 by Alex Cushing and hosted the 1960 Olympic Winter Games. "Alex's dream was to create a world-class, four-season destination resort in one of the most beautiful places in the world," said Nancy W. Cushing, Squaw Valley USA chairman of the board. "This transaction will result in the culmination of that dream by providing the necessary resources to ensure Squaw Valley's continued improvement and success for generations to come."

KSL is a private equity firm with investments in travel and leisure businesses. Based in Denver, KSL's current and prior investments include Grand Wailea Resort Hotel & Spa, Arizona Biltmore Resort & Spa, La Costa Resort and Spa, Doral Golf Resort & Spa, Hotel del Coronado, and ClubCorp, the world's largest owner of private golf and business clubs.

KSL's founders, Eric Resnick and Michael Shannon, also have extensive hands-on experience in the snowsports industry. From 1985 to 1992, Shannon was president of Vail Associates, a predecessor company to Vail Resorts. Resnick held a variety of positions at Vail, including vice president of strategic planning and treasurer from 1996 through 2000. Both Shannon and Resnick also serve as board members for the United States Ski & Snowboard Team Foundation and the Vail Valley Foundation, and Resnick is on the Organizing Committee of the 2015 World Alpine Ski Championships.

"KSL's pending acquisition of Squaw Valley is great news for our guests and our dedicated, hardworking team," said Wirth. "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."

• Previous
  NSAA Conversion Cup Focuses on New Customers
• Next
  Bill Rock Named COO at Northstar-at-Tahoe