KSL Capital Partners, LLC has announced that they have entered into an agreement to acquire a large majority of the shares of The Squaw Valley Development Company. This includes all of Squaw Valley USA ski operations, the Village at Squaw Valley, and related real estate holdings.
KSL, which is based out of Denver, is a private equity firm that invests in travel and leisure businesses. Current and prior investments include the Grand Wailea resort Hotel & Spa, Arizona Biltmore Resort & Spa, and the Hotel del Coronado, as well as many others. The agreement with Squaw Valley USA is expected to close before the end of the year.
Squaw Valley was founded in 1949 by Alexander Cushing.
“Alex’s dream was to create a world-class, four-season destination resort in one of the most beautiful places in the world. 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,” says Squaw Valley USA Chairman of the Board Nancy W. Cushing.
“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 recreated,” said KSL’s Managing Director Eric Resnick. “With Squaw Valley USA, Alex Cushing made a profound impact on the snowsports industry and we’re honored to build upon the resort’s legacy.”
Squaw Valley President and CEO Andy Wirth, will continue in his position. Wirth was appointed President and CEO in August 2010 after holding executive level positions with Intrawest and 24 years of experience in the industry.
Resnick says, “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.”
“KSL’s pending acquisition of Squaw Valley is great news for our guests and our dedicated, hardworking team,” stated 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. 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.”