Squaw Valley and Alpine Meadows Join Forces

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SAM Magazine--September 27, 2011--Squaw Valley and Alpine Meadows Ski Resort, Calif., announced today that the two North Lake Tahoe ski resorts have agreed to combine operations under common ownership and offer season passes and lift tickets that will allow guests to enjoy skiing and riding on both mountains. The transaction is expected to close prior to the commencement of the 2011-12 winter season. Andy Wirth, president and CEO of Squaw, will take the helm as the president and CEO of the new combined entity of Squaw Valley and Alpine Meadows.

As part of the transaction, an investment affiliate of JMA Ventures (JMA), will convert its ownership of Alpine Meadows into partial ownership of the combined company. KSL Capital Partners, LLC (KSL), the owner of Squaw Valley, will be the majority owner of the combined company. Both owners have a deep commitment to the two resorts and to the Tahoe region. KSL, as part of its acquisition of Squaw Valley, has earmarked $50 million in capital improvements to Squaw Valley over the next three to five years, many of which will be apparent this winter. The closing of the transaction is subject to US Forest Service and the California Tahoe Conservancy approval. JMA will continue to independently own and operate Homewood Mountain Resort.

All of these passes previously purchased at Squaw or Alpine for winter 2011-12 will become valid for skiing and riding at both mountain resorts.