Denver, Colorado based private equity fund KSL Capital Partners announced yesterday that they had acquired virtually all the assets of the Squaw Valley Development Company from the Cushing family for a undisclosed amount. The Cushing’s have run Squaw Valley since founder Alex Cushing opened the resort in 1949.
“It’s with a respectful eye for the past that I say this news is part of a new era in Squaw Valley’s incredible history,” said Andy Wirth, Squaw’s new President and CEO. “KSL is dedicated to further enhancing the resort and the guest experience by committing over $50 million in additional capital improvements over the next 3-5 years. The KSL team, all of whom are skiers and riders, are thrilled to be the new owners of Squaw Valley and are excited about the resort’s future.”
KSL currently owns several warmer climate resorts like La Costa Resort & Spa in Carlsbad, California, Rancho Las Palmas Resort & Spa in Rancho Mirage, California or Barton Creek Resort & Spa in Austin, Texas, but the Squaw Valley purchase marks their first expedition into the winter resort business. This is not to say they have no experience. After years at Vail Associates, KSL’s Managing Directors Mike Shannon and Eric Resnick certainly know the ski business.
This purchase, along with Vail Resort’s recent operations deal at Northstar-At-Tahoe is kicking the entire Tahoe resort game up a notch. Industry insiders are saying that this is exactly what Squaw needed. “This is going to be a game-changer for sure,” said one resort executive.
We’ve never really liked riding Squaw. Maybe the changes KSL brings will give us a reason try it out again. For a complete list of resort upgrades follow the jump for a “personal letter” from Andy.
Dear Valued Guest,
I’d like to take the opportunity to introduce myself to you as Squaw Valley USA’s new President and CEO, and be the first to share some exciting news about the resort. Today we’re pleased to announce that Squaw Valley USA is set to be acquired by KSL Capital Partners of Denver, Colorado.
It’s with a respectful eye for the past that I say this news is part of a new era in Squaw Valley’s incredible history. KSL is dedicated to further enhancing the resort and the guest experience by committing over $50 million in additional capital improvements over the next 3-5 years. The KSL team, all of whom are skiers and riders, are thrilled to be the new owners of Squaw Valley and are excited about the resort’s future.
These are transformative times for Squaw Valley; a new era is dawning by way of our entire team’s dedication to the guest experience that will put us on par with the very best resorts in North America.
In many ways, the transformation is well underway with many improvements for the 2010-11 season:
Olympic House Renovations: Olympic House has been remodeled to include all new menus and a fully renovated Bar One. New menus include fresh salads, gourmet pizzas, Asian stir-fry bowls and custom-made burritos.
New Mountaintop Kids Zone: Belmont Park has transformed into a kids terrain park complete with a snow fort and kid-friendly jumps, bumps and whoopty-doos.
Expanded Demo Center: Located in the Village, this high-performance shop will work in conjunction with the on-mountain Gold Coast Demo Center allowing guests to conveniently try out this season’s latest technology. The shop will also offer the best in tuning with a brand new Wintersteiger tuning machine.
Expanded Night Terrain Park: For the 2010-11 winter season we’re greatly expanding night skiing and riding with new lighting in the Riviera Terrain Park and halfpipe.
Renovated Squaw Kids Children’s Center: The Squaw Kids Children’s Center has been renovated, including an expanded second floor, larger lunch room and more rental room space.
Three New State-of-The-Art Grooming Machines: Three new grooming machines have been added to Squaw Valley’s snow cat fleet, significantly improving snow surface quality and grooming by 25%.
Improved Snowmaking: Squaw Valley’s snowmaking multi-year equipment upgrade to greener and more efficient models continues into its ninth year. We’ve also expanded snowmaking in the halfpipe.
39° North remodel completion; transformation of entire ground floor
The final stage of the $3 million remodel of the mid-mountain restaurants at Gold Coast is complete. On the ground floor 39° North has been transformed with new food and an entirely new aesthetic.
New Gates To Skills Ski Clinic: Skiers can experience race course excitement and be coached by one of the best—Thomas Gardtman.
New Shops in the Village: Squaw welcomes a host of new shops to the European-style base village: Squaw Dogs, Marmot and Squaw One Logo Company.
New Conference/Events Center: An extensive remodel of the Olympic Village Lodge & Conference Center (OVL) is complete and will be available for meeting space, weddings and conferences.
And we’re really just getting started, thanks to KSL’s commitment to the future.
In short, much has changed, yet there’s much more yet to come that has us excited to embark upon the new season. To date we’ve received nearly 8 feet of snow from the current storm cycle with more snow forecasted for today and early next week. We will continue opening more lifts and terrain as conditions permit as we look forward to an exceptional Thanksgiving weekend.
I wanted to be sure you received this important announcement before we notified the press which will happen shortly. I appreciate your attention to this note and thanks in advance for your dedication and commitment during the 2010-11 season.
I’d like to thank you for choosing Squaw Valley USA as your mountain getaway. We look forward to seeing you on the slopes this winter!
Best Regards,
Andy
Andrew D Wirth | President and Chief Executive Officer
Squaw Valley USA
