KSL Capital to Purchase Squaw Ski Resort; $50M in Capital Improvements Planned
- Nov 29, 2010
November 29, 2010
By Allison Landa, News Editor
Well-known Northern California ski resort Squaw Valley will be bought by private equity firm KSL Capital Partners, L.L.C. for an undisclosed amount. The resort, which was sold to Squaw Valley Ski Corp. earlier this year by former owner Intrawest, is expected to undergo more than $50 million in capital improvements over the next three to five years. Those include renovation of the Olympic House and Gold Coast facilities as well as a renewed focus on the quality of the snow surface and trail grooming.
The sale is expected to close by year’s-end. Squaw, which is located near Lake Tahoe, spans 4,000 acres and 2,850 vertical feet of territory spanning six peaks of the Sierra Nevada mountains. Founded in 1949, it was the site of the 1960 Olympic Winter Games.
KSL is no stranger to high-profile properties. Its current and prior investments include the La Costa Resort and Spa and Hotel del Coronado in San Diego, as well as the Claremont Hotel Club & Spa in Berkeley.
Squaw Valley USA chairman of the board Nancy Cushing said that the sale will provide the necessary resources to keep Squaw successful in the future. KSL managing director Eric Resnic added that the firm looks forward to building on the resort’s legacy.
Resort president & CEO Andy Wirth, who came aboard in August, will continue in his role. He asserted that KSL has a clear commitment to Squaw.