KSL, the owners of Squaw Valley & Alpine Meadows (soon to be connected and create the largest ski resort in the USA) have just sold 5 of their luxury resorts to Omni Hotels & Resorts for an estimated $900 million.
“Omni is buying the resorts from KSL Capital Partners LLC, a Denver based real-estate investment firm that is profiting from its decision to go after distressed property during the economic downturn. “ – Kris Hudson/Wall Street Journal
What does this mean for Squaw & Alpine? It’s anyone’s guess. There is no doubt that KSL has a little extra cash laying around now. Maybe they could use it to expedite the Squaw/Alpine connection process?
KSL has pledged to spend $8 million at Squaw & Alpine this year. Full details of how that money will be spent at the bottom of this article. Will the sale of these KSL resorts result in more upgrades for Squaw & Alpine?
Read the full Wall Street Journal report here: Rowling the Dice on Resorts: Deal of the Week
Read full Travel Weekly report here: Omni Acquires 5 Resorts from Blockbuster Deal with KSL
KSL RESORTS RECENTLY SOLD FOR $900 MILLION:
1. Barton Creek Resort & Spa in Austin, Texas
2. La Costa Resort & Spa in Carlsbad, California
3. Grove Park Inn in Asheville, North Carolina
4. Rancho Las Palmas Resort & Spa in Rancho Mirage, California
5. The Homestead in Hot Springs, Virginia
“La Costa, which is about 30 miles north of San Diego, has 611 rooms and recently received $50 million in renovations.
Grove Park Inn, which has 512 rooms, is undergoing a $25 million renovation, while the 483-room Homestead is undergoing a $26 million upgrade.
Barton Creek Resort and Rancho Las Palmas have 312 and 444 rooms, respectively.” – Travel Weekly
KSL WILL SPEND 8 MILLION AT SQUAW & ALPINE THIS YEAR:
– $2 million for more snow making capabilities for both resorts
– $1.4 million for 5 new snow cats for grooming at both resorts
– $1.2 million in room renovations at The Village at Squaw Valley
– $300,000 to reduce the resort infrastructure’s carbon footprint by 10%
Silverado, Squaw Valley. Photo: Hank deVre
– $150,000 into new concert amphitheater at the base of KT-22
– $130,000 into new on mountain & valley signage
– $125,000 into a Wanderlust yoga studio
– $80,000 in race services upgrades at Squaw Valley, which will continue to benefit the ski area’s abilities to host world-class events
Silverado, Squaw Valley. photo: Hank deVre
– $70,000 into new terrain park features for 2013/14
– $40,000 in the ski team facilities between the two resorts
– A new home furnishing store named ‘Spruce’ will open in the village
Again, it’s anybody’s guess what these sales mean for Squaw & Alpine. But KSL having $900 million cash laying around certainly will have some effect on what they do with Squaw & Alpine. Maybe it’ll come in handy with the costs of connecting Squaw & Alpine as they plan to do in the next 2 years…