Nov. 23 (Bloomberg) -- KSL Capital Partners LLC, a private equity firm with a focus on the hospitality sector, agreed to buy California’s Squaw Valley USA, a ski resort near Lake Tahoe that hosted the 1960 Winter Olympics. Terms weren’t disclosed.
KSL plans to invest $50 million in Squaw Valley over the next three to five years, the Denver-based company said in a statement today. KSL, whose other properties include California’s Rancho Las Palmas Resort & Spa and La Costa Resort & Spa, plans to complete the acquisition of Squaw Valley Development Co. by the end of the year.
Squaw Valley Development, which includes the Village at Squaw Valley and Squaw Valley USA ski operations, is a mountain resort with 4,000 acres (1,600 hectares) and 2,850 vertical feet (868 meters) of skiing spanning six peaks of the Sierra Nevada Mountains. The resort was founded in 1949 by Alexander Cushing, an attorney who convinced Olympic officials to bring the 1960 Winter Games to his property.
Squaw Valley President and Chief Executive Officer Andy Wirth will continue in his position, KSL said.
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