News

Transaction Will Result in Changes to Management and Board of Directors

Whistler, British Columbia, December 3, 2012 – Whistler Blackcomb Holdings Inc. (TSX: WB) (the “Corporation”) and KSL Capital Partners, LLC (“KSL”) are pleased to announce that an affiliate of KSL has entered into a purchase agreement with Intrawest ULC (“Intrawest”) to acquire Intrawest’s 9,092,500 common shares of the Corporation, representing approximately 24% of the Corporation’s issued and outstanding common shares, for $12.75 per common share.  The Corporation understands that the Intrawest disposition is being made in conjunction with an Intrawest refinancing.  The transaction is expected to be completed tomorrow.  KSL is a U.S. private equity firm dedicated to investments in travel and leisure businesses.

As a result of the sale by Intrawest, Bill Jensen has tendered his resignation as a director and Chief Executive Officer and each of Wes Edens and Jonathan Ashley has tendered his resignation as a director of the Corporation, effective as of the time of closing.  Also effective as of the time of closing, the Corporation’s board of directors has appointed Dave Brownlie, the Corporation’s current President and Chief Operating Officer, as the Corporation’s President and Chief Executive Officer and a director, and appointed Eric Resnick and Peter McDermott, both of KSL, as directors to fill the vacancies created by these resignations. Mr. Resnick is co-founder and Managing Director of KSL and has deep, long-standing ties to the ski industry.  Mr. McDermott is a partner at KSL.

Concurrently with these appointments, the Corporation’s board of directors has appointed Flora Ferraro, the Corporation’s current Vice President of Finance, as Interim Chief Financial Officer. The Corporation intends to announce the appointment of a permanent chief financial officer shortly.

“KSL is delighted to be acquiring a 24% interest in a world-class ski area. Whistler Blackcomb is the largest and most visited ski resort in North America and we feel that it complements our portfolio of premier travel and leisure properties.  Peter and I are looking forward to working with the board to grow the business.  Whistler Blackcomb has a very experienced and successful management team and we are enthusiastic to work with them as they continue to deliver a fantastic mountain experience for Whistler Blackcomb’s guests” commented Mr. Resnick.

“On behalf of the board of directors, I am very pleased to welcome Eric Resnick and Peter McDermott to the board.  We would also like to express our appreciation to Wes Edens and Jonathan Ashley for their contributions to Whistler Blackcomb during their tenure on the board, and especially to Bill Jensen, for his valued service as Chief Executive Officer and as a director” commented Graham Savage, Chairman of the Corporation’s board of directors. “We are also pleased to appoint Dave Brownlie as Chief Executive Officer and as a member of the board of directors. With over 24 years in ski resort management, Dave brings insight and experience to the position and I am looking forward to continuing to work with him to grow the business.”

ABOUT THE TRANSACTION‍

KSL expects to hold the purchased shares for investment purposes. However, KSL and its affiliates expect to evaluate on an ongoing basis the Corporation’s financial condition and prospects and its interest in, and intentions with respect to, the Corporation and KSL’s investment. KSL and its affiliates may from time to time acquire additional common shares of the Corporation or may dispose of all or a part of their shares.

In connection with KSL’s acquisition of Intrawest’s common shares, KSL will assume Intrawest’s rights and obligations under a registration rights agreement which will provide KSL the right to require the Corporation to qualify by prospectus all or a portion of its shares for distribution to the public in Canada, subject to certain conditions. The registration rights agreement is more fully described in the Corporation’s final prospectus dated November 2, 2010 and a copy is available on SEDAR at www.sedar.com under the Corporation’s profile.

KSL’s acquisition of common shares of the Corporation from Intrawest will be made in reliance on the take-over bid exemption contained in subsection 100.1(1) of the Securities Act (Ontario), its corollary provision in Multilateral Instrument 62-104 Take-Over Bids and Issuer Bids and section 2.3 of National Instrument 45-106 Prospectus and Registration Exemptions.

A report regarding KSL’s holding in the Corporation will be filed on SEDAR and will be available under the Corporation’s profile at www.sedar.com or by request in writing to KSL Capital Partners, LLC 100 Fillmore Street, Suite 600 Denver, CO 80206.

ABOUT WHISTLER BLACKCOMB HOLDINGS INC.‍

Whistler Blackcomb Holdings Inc. owns a 75% interest in each of Whistler Mountain Resort Limited Partnership and Blackcomb Skiing Enterprises Limited Partnership, which, together, carry on the four season mountain resort business located in the Resort Municipality of Whistler, British Columbia.  Whistler Blackcomb, the official alpine skiing venue for the 2010 Olympic Winter Games, is situated in the Resort Municipality of Whistler located in the Coast Mountains of British Columbia 125 kilometres (78 miles) from Vancouver, British Columbia. North America's premier four-season mountain resort, Whistler Mountain and Blackcomb Mountain are two side-by-side mountains, connected by the world record-breaking PEAK 2 PEAK Gondola, which combined offer over 200 marked runs, over 8,000 acres of terrain, 14 alpine bowls, three glaciers, receive on average over 1,192 centimetres (469 inches) of snow annually, and offer one of the longest ski seasons in North America. In the summer, Whistler Blackcomb offers a variety of activities, including hiking and biking trails, the Whistler Mountain Bike Park, and sightseeing on the PEAK 2 PEAK Gondola. Whistler Blackcomb Holdings Inc. is listed on the Toronto Stock Exchange under the symbol "WB". For more information, visit www.whistlerblackcombholdings.com. Additional information related to the Corporation is available on SEDAR at www.sedar.com.

ABOUT KSL CAPITAL PARTNERS, LLC

KSL is a private equity firm specializing in travel and leisure enterprises in five primary sectors: hospitality, recreation, clubs, real estate and travel services. KSL has offices in Denver, Colorado and New York. KSL’s current portfolio includes some of the premier properties in travel and leisure, including The Belfry, The Grove Park Inn, The Homestead, Montelucia Resort & Spa, Barton Creek Resort & Spa, Rancho Las Palmas Resort & Spa, The James Royal Palm, La Costa Resort and Spa, and ClubCorp, one of the world’s largest owners of private golf and business clubs. KSL also owns other premier recreation businesses, including Squaw Valley and Alpine Meadows, two of the leading ski resorts in North America; and Western Athletic Clubs, the owner and operator of luxury fitness clubs in California.

For more information on KSL, please visit www.kslcapital.com.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release may contain forward-looking statements or information, within the meaning of applicable Canadian securities laws, including, but not limited to, statements with respect to the anticipated closing date for KSL’s acquisition of Intrawest’s common shares of the Corporation, the appointment of new officers and new directors of the Corporation, KSL’s assumption of Intrawest’s rights under the rights registration agreement with the Corporation and other information or statements about future events or conditions which may prove to be incorrect.

The forward-looking statements and information contained in this press release are based on certain factors and assumptions made by management of the Corporation including, but not limited to KSL and Intrawest’s complying with their obligations pursuant to the purchase agreement.

The forward-looking statements and information contained in this press release are subject to a number of significant risks and uncertainties that could cause actual results to differ materially from those anticipated including, but not limited to, risks relating to the transactions not proceeding for any reason, including the price of the Corporation’s common shares changing materially as a result of any of the following unfavourable weather conditions, economic downturns, the seasonality of Whistler Blackcomb’s operations, the extent of required capital expenditures, currency fluctuations, the competitive nature of Whistler Blackcomb’s industry, the unanticipated departure of named executed officers, a general dependence on a seasonal workforce, reliance on existing material agreements, risks relating to Whistler Blackcomb’s access and use of debt financing, adequacy of the Corporation and Whistler Blackcomb’s insurance coverage, litigation, safety and accidents, environmental laws and regulations, leisure and business travel, the impact of any occurring natural disasters and economic, business and market conditions.

Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements or information prove incorrect, actual results may vary materially from those described herein.  Although the Corporation believes that the expectations reflected in such forward-looking statements and information are reasonable, undue reliance should not be placed on forward-looking statements or information because the Corporation can give no assurance that such expectations will prove to be correct.

These forward-looking statements and information are made as of the date of this press release, and the Corporation has no intention and assumes no obligation to update or revise any forward-looking statements or information to reflect new events or circumstances, except as required by applicable Canadian securities laws.

For additional information, please contact:

For Whistler Blackcomb Holdings Inc.
Jeremy Roche
Senior Manager, Investor Relations
Whistler Blackcomb Holdings Inc. jroche@whistlerblackcomb.com
Ph: 604-938-7376

DENVER--(BUSINESS WIRE)--KSL Capital Partners, LLC (“KSL”) announced today that it has acquired The Belfry, a renowned hotel and golf resort in Wishaw, Sutton Coldfield, North Warwickshire, England.

Conveniently located near England’s two largest cities, London and Birmingham, by both car and train, The Belfry features seven food and beverage outlets, a 25,000-square-foot fitness center, a spa and 20,000 square feet of meeting space. Spread across 550 acres, the 324 room property is the world’s only four time host of The Ryder Cup, having held the tournament in 1985, 1989, 1993 and 2002, on its world famous golf course, The Brabazon. The Belfry is also home to the PGA National Golf Academy and, in addition to The Brabazon, features two additional golf courses – PGA National, England’s only PGA branded golf course, and The Derby.

KSL plans a comprehensive renovation of the hotel, including the public areas, guest rooms, dining outlets and meeting spaces to enhance the overall guest experience. Given the unique and expansive nature of the resort campus with multiple guest room buildings, conference locations and food and beverage outlets, The Belfry will remain fully open during the renovation.

The resort will be managed by a subsidiary of the De Vere Group, which through its brands De Vere Hotels, Venues and VILLAGE, owns and operates 62 refreshingly different locations with a modern British flavor throughout the United Kingdom. The De Vere Group previously owned and managed the resort prior to its sale in 2005 to the seller, an affiliate of The Quinn Group.

“The Belfry has a proud heritage and is widely known as the ‘spiritual home of The Ryder Cup,’ and we are honored to be the next stewards of this great property,” said Richard Weissmann, one of KSL’s partners. “Given KSL’s experience owning and operating large scale golf and spa resorts across the United States, The Belfry is the perfect opportunity for our first resort investment in Europe. We believe De Vere’s familiarity with today’s European travelers combined with our planned renovations will provide guests of The Belfry a new level of luxury, service and amenities.”

About The Belfry‍

Located in Wishaw, Sutton Coldfield, in West Midlands, England, The Belfry is blessed with a rich and fascinating past, dating back to its origins as a House of Note in Edward the Confessor's medieval time. In more recent years, The Belfry has become renowned all over the world as a golfing Mecca, allowing players to walk in the footsteps of their Ryder Cup legends.

Set on over 550 acres, it is the perfect retreat for business, golf and so much more, combining modern day luxuries and facilities with all of the heritage and charm associated with its iconic ivy-clad façade.

To learn more about The Belfry, please visit www.thebelfry.co.uk.

About KSL Capital Partners‍

KSL is a private equity firm specializing in travel and leisure enterprises in five primary sectors: hospitality, recreation, clubs, real estate and travel services. KSL has offices in Denver, Colorado and New York. KSL’s current portfolio includes some of the premier properties in travel and leisure, including The Grove Park Inn, The Homestead, Montelucia Resort & Spa, Barton Creek Resort & Spa, Rancho Las Palmas Resort & Spa, The Royal Palm, La Costa Resort and Spa, and ClubCorp, one of the world’s largest owners of private golf and business clubs. KSL also owns other premier recreation businesses, including Squaw Valley and Alpine Meadows, two of the leading ski resorts in North America; Western Athletic Clubs, the owner and operator of luxury fitness clubs on the West Coast of the United States; and Orion Expedition Cruises, a luxury expedition cruise operator based in Sydney, Australia.

For more information on KSL, please visit www.kslcapital.com.

About The De Vere Group‍

De Vere Group is one of the United Kingdom’s largest independent leisure and hospitality businesses consisting of 62 properties across two principal hotel brands, De Vere Hotels and De Vere Village Urban Resorts, and the United Kingdom’s largest residential conference and training company, De Vere Venues. De Vere serves more than 7,000 guestrooms, 460,000 square feet of meeting space, 16 golf courses, 47 fitness centers and 25 spas. De Vere Hotels consists of 11 resorts across the United Kingdom, including Cameron House, on the shores of Loch Lomond, The Grand in Brighton, Oulton Hall, Leeds and Mottram Hall near Manchester, England. De Vere Village Urban Resorts combine the best of modern hotels with cutting edge food and beverage all combined with a full service fitness center that offer fully equipped gyms, fitness classes, pools and spas that are available to both members and hotel guests.

For more information on the De Vere Group, please visit www.devere.co.uk.

Denver, Colo. (May 1, 2012) – KSL Capital Partners, LLC announced today that it has completed the previously announced acquisition of the historic Grove Park Inn Resort & Spa. One of the most iconic resorts in the United States, the 512-room Grove Park Inn sits between the majestic Blue Ridge and Great Smoky Mountains in Asheville, North Carolina. Constructed in 1913, the resort features one of the country’s most widely acclaimed spas, eight dining outlets and seven retail outlets, an 18-hole Donald Ross-designed golf course, a 50,000-square-foot sports complex, and 55,000 square feet of meeting space with 42 meeting rooms.

As part of the resort’s Centennial celebration in 2013, KSL Capital Partners is planning to embark on an extensive $25 million renovation of the resort’s public areas, guest rooms, dining outlets, meeting spaces and spa that will honor the historic style of the resort while enhancing the guest experience.

The resort will be managed by KSL Resorts, a leading independent hotel management company.

About The Grove Park Inn‍

Nestled in the Blue Ridge Mountains, just beyond the energy of downtown Asheville, North Carolina, The Grove Park Inn is sanctuary for the soul. Enchanting mountain vistas, lush green fairways, warm Southern charm, and passionate hospitality make The Grove Park Inn an oasis for family vacations and romantic getaways. Listed on the National Register of Historic Places and one of Travel + Leisure’s Top Spa Resorts in the country, The Grove Park Inn is the place to relax, rejuvenate, explore, play, eat and celebrate. Located adjacent to the resort are 24 sophisticated residences of The Fitzgerald, a luxury condominium development. To learn more about The Grove Park Inn, please visit www.groveparkinn.com. To learn about the acclaimed Fitzgerald condominiums at The Grove Park Inn, please visit www.thefitzgerald.info.

About KSL Capital Partners‍

KSL is a private equity firm specializing in travel and leisure enterprises in five primary sectors: hospitality, recreation, clubs, real estate and travel services. KSL has offices in Denver, Colorado and New York.

KSL’s current portfolio includes some of the premier properties in travel and leisure, including The Homestead, Montelucia Resort & Spa, Barton Creek Resort & Spa, Rancho Las Palmas Resort & Spa, The Royal Palm, La Costa Resort and Spa, and ClubCorp, one of the world’s largest owners of private golf and business clubs. KSL also owns other premier recreation businesses, including Squaw Valley and Alpine Meadows, two of the leading ski resorts in North America; Western Athletic Clubs, the owner and operator of luxury fitness clubs on the West Coast; and Orion Expedition Cruises, a luxury expedition cruise operator based in Sydney, Australia. For more information on KSL, please visit www.kslcapital.com.

About KSL Resorts‍

Founded in 1992, KSL Resorts manages nine time-honored resorts with outstanding recreational amenities including spa, golf, tennis and ski. Each is refined yet unpretentious, rich in legacy and genuine in service. The KSL Resorts portfolio of properties includes:

• Hotel del Coronado (San Diego, Calif.)
• Beach Village at The Del (San Diego, Calif.)
• La Costa Resort and Spa (Carlsbad, Calif.)
• Rancho Las Palmas Resort & Spa (Rancho Mirage, Calif.)
• Vail Mountain Lodge & Spa (Vail, Colo.)
• Barton Creek Resort & Spa (Austin, Texas)
• The Homestead (Hot Springs, Va.)
• Montelucia Resort & Spa (Scottsdale, Ariz.)
• The Grove Park Inn & Spa (Asheville, NC)
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For more information, visit www.kslresorts.com.

Denver, Colo. (April 10, 2012) – KSL Capital Partners, LLC announced today that it has entered into an agreement to acquire the historic Grove Park Inn Resort & Spa from an affiliate of Sammons Enterprises, Inc. One of the most iconic resorts in the United States, the 512-room Grove Park Inn sits between the majestic Blue Ridge and Great Smoky Mountains in Asheville, North Carolina. The agreement is subject to customary closing conditions and is expected to close in the next 30 days.

As part of the resort’s Centennial celebration in 2013, KSL Capital Partners is planning an extensive $25 million renovation of the resort’s public areas, guest rooms, dining outlets, meeting spaces and spa that will honor the historic style of the resort while enhancing the guest experience.

Sammons has owned and operated the resort for nearly 60 years. Following the acquisition, The Grove Park Inn will continue to operate as an independent luxury resort and will be managed by KSL Resorts, a leading independent hotel management company. KSL Capital Partners and KSL Resorts have extensive experience in owning and operating historic properties such as The Grove Park Inn.

“The Grove Park Inn has a deep and storied past and we understand the importance of honoring the history of the property while providing the next level of service and amenities that today’s guests demand,” said Marty Newburger, a principal of KSL Capital Partners. “We believe the experience KSL Resorts has in managing properties like The Grove Park Inn partnered with our planned capital improvement program will bring a further level of luxury, service and amenities for our guests and the community to enjoy.”

About The Grove Park Inn‍

Constructed in 1913, the resort features 512 rooms, one of the country’s most widely acclaimed spas, eight dining outlets and seven retail outlets, an 18-hole Donald Ross-designed golf course, a 50,000 square foot sports complex, and 55,000 square feet of meeting space with 42 meeting rooms. Nestled in the Blue Ridge Mountains, just beyond the energy of downtown Asheville, North Carolina, The Grove Park Inn is sanctuary for the soul. Enchanting mountain vistas, lush green fairways, warm Southern charm, and passionate hospitality make The Grove Park Inn an oasis for family vacations and romantic getaways. Listed on the National Register of Historic Places and one of Travel + Leisure’s Top Spa Resorts in the country, The Grove Park Inn is the place to relax, rejuvenate, explore, play, eat and celebrate. To learn more about the Grove Park Inn, please visit www.groveparkinn.com.

About KSL Capital Partners‍

KSL is a private equity firm specializing in travel and leisure enterprises in five primary sectors: hospitality, recreation, clubs, real estate and travel services. KSL has offices in Denver, Colorado and New York.

KSL’s current portfolio includes some of the premier properties in travel and leisure, including The Homestead, Montelucia Resort & Spa, Barton Creek Resort & Spa, Rancho Las Palmas Resort & Spa, The Royal Palm, La Costa Resort and Spa, and ClubCorp, one of the world’s largest owners of private golf and business clubs. KSL also owns other premier recreation businesses, including Squaw Valley and Alpine Meadows, two of the leading ski resorts in North America; Western Athletic Clubs, the owner and operator of luxury fitness clubs on the West Coast; and Orion Expedition Cruises, a luxury expedition cruise operator based in Sydney, Australia. For more information on KSL, please visit www.kslcapital.com.

About KSL Resorts‍

Founded in 1992, KSL Resorts manages nine time-honored resorts with outstanding recreational amenities including spa, golf, tennis and ski. Each is refined yet unpretentious, rich in legacy and genuine in service. The KSL Resorts portfolio of properties includes:

• Hotel del Coronado (San Diego, Calif.)
• Beach Village at The Del (San Diego, Calif.)
• La Costa Resort and Spa (Carlsbad, Calif.)
• Rancho Las Palmas Resort & Spa (Rancho Mirage, Calif.)
• Vail Mountain Lodge & Spa (Vail, Colo.)
• Barton Creek Resort & Spa (Austin, Texas)
• The Homestead (Hot Springs, Va.)
• Montelucia Resort & Spa (Scottsdale, Ariz.)

For more information, call (866) KSL-7727 or visit www.kslresorts.com.

About Sammons Enterprises, Inc.‍

Founded in 1938, Sammons Enterprises, Inc. is a diverse holding corporation that owns and operates companies in three core business sectors – financial services, equipment distribution and hospitality and real estate. Sammons is dedicated to building the world’s premier ESOP-owned company through a commitment to high ethical standards, industry-leading businesses, solid financial performance and a true values-based culture, where every person makes a difference.

Headquartered in Dallas, Texas, with assets of almost $50 billion, Sammons Enterprises consistently ranks in the top 150 on Forbes’ “America’s Largest Private Companies” list. For more information, visit www.sammonsenterprises.com.

DENVER (June 1, 2011) – KSL Capital Partners, LLC (KSL), a private equity firm, today announced that it has completed the final closing of KSL Capital Partners III, L.P. (the Fund), which will specialize in investments in travel and leisure businesses. With in excess of $2 billion in commitments, the final closing significantly exceeded the original target amount of $1.5 billion. Investors in the Fund include public and private pensions, foundations, endowments, institutions and high net worth individuals and families.

KSL was founded by Michael Shannon and Eric Resnick in 2005. KSL currently has in excess of $3.5 billion in equity commitments under management.

“This new Fund will utilize the same investment principles we have used in our prior investment vehicles,” said Michael Shannon, managing director. As a sector fund specializing only in travel and leisure businesses, we take a very hands-on approach to our investments. We believe that this is a unique time in the market to be able to deploy the investment strategy that we have successfully used for more than 20 years.”

“The Fund is the third investment vehicle we have raised since 2005. We greatly appreciate the interest shown in the Fund by both our existing and new investors. We are excited to continue to pursue attractive investments in the areas of hospitality, recreation, clubs, resort real estate and travel service businesses,” added Managing Director Eric Resnick.

KSL’s team of dedicated investment professionals is based in Denver and New York. In addition to founding partners Eric Resnick and Michael Shannon, other principals in the firm include Craig Henrich, Peter McDermott, Marty Newburger, Bernie Siegel, Steven Siegel and Richard Weissmann.

About KSL Capital Partners‍

KSL Capital Partners is a private equity firm specializing in travel and leisure businesses. KSL Capital Partners has offices in Denver, Colorado and New York.

KSL’s current and prior investments include some of the premier properties in travel and leisure, including:

• Montelucia Resort & Spa in Scottsdale, Arizona
• The Royal Palm in Miami Beach, Florida
• Squaw Valley USA near Lake Tahoe, California
• Western Athletic Clubs, headquartered in San Francisco, California
• Orion Expedition Cruises, headquartered in Sydney, Australia
• ClubCorp, Inc., headquartered in Dallas, Texas
• Barton Creek Resort & Spa in Austin, Texas
• The Homestead in Hot Springs, Virginia
• Rancho Las Palmas in Rancho Mirage, California
• Hotel del Coronado in San Diego, California
• La Costa Resort and Spa in Carlsbad, California
• Arizona Biltmore Resort & Spa in Phoenix, Arizona
• Grand Wailea Resort Hotel & Spa in Maui, Hawaii
• Claremont Resort & Spa in Berkley, California
• Emerald Point Resort at Lake Lanier Islands, Georgia
• Doral Golf Resort & Spa in Miami, Florida
• La Quinta Resort & Club in La Quinta, California
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For more information, please see www.kslcapital.com.