News

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
  ‍

For more information, please see www.kslcapital.com.

DENVER, Colo. (May 23, 2011) - KSL Capital Partners, LLC (KSL) announced today that it has acquired InterContinental Montelucia Resort & Spa in Scottsdale, Arizona. Opened in 2008, the resort boasts 293 rooms and suites, five pools, six dining options, the 31,000 square foot Joya Spa with 19 treatment rooms, and more than 90,000 square feet of indoor and outdoor meeting space. Nestled at the base of Camelback Mountain, the resort’s convenient central location offers easy access to the area’s best golf, recreation, nightlife and entertainment. Montelucia has been extraordinarily well received by its guests having been ranked #13 on Travel + Leisure’s list of the “Top 50 Resorts in the U.S. and Canada.”

Following the acquisition, the resort will operate as an independent luxury resort, Montelucia Resort & Spa, and will remain affiliated with InterContinental Hotels & Resorts as an InterContinental Alliance Resort. The resort will be managed by KSL Resorts, a leading independent hotel management company. KSL Resorts has a rich history in the market, having managed the Arizona Biltmore Resort & Spa from 2000 to 2006.

As an InterContinental Alliance Resort, the resort will have access to IHG’s global reservations system and marketing channels. Guests at the resort will be able to continue to benefit from the InterContinental Hotels “in the know” experience as well as IHG’s Priority Club® Rewards, the world's largest hotel loyalty program with 58 million members.

“Montelucia Resort & Spa has quickly become the preeminent luxury resort in the Scottsdale area, offering the services and amenities that today’s travelers demand in an unparalleled setting,” said Bernard Siegel, principal at KSL Capital Partners. Moreover, Scottsdale is one of most desirable vacation spots in the United States. The combination of management by KSL Resorts and being an InterContinental Alliance Resort will bring a whole new level of luxury and service to the market.”

About Montelucia Resort & Spa‍

Inspired by the rich history, white-washed villages and sun-drenched hills of Spain’s Andalusia region, Montelucia Resort & Spa brings the essence of Europe to the heart of Scottsdale. With arching entryways, splashing fountains, floral walkways, and a collection of antiquities hidden throughout the property, Montelucia is an enchanting resort destination that boasts 293 luxuriously appointed guestrooms, the Moroccan-inspired Joya Spa, six tempting dining options including the critically-acclaimed Prado restaurant, a myriad of radiant pools and breathtaking views of Camelback Mountain. Montelucia Resort & Spa also includes the adjacent luxury Montelucia Villas single-family home community. These villas include expansive 4,200 square-foot residences that enjoy views of Camelback Mountain and have access to the services and amenities of the resort.

For more information, please visit www.montelucia.com.

About KSL Capital Partners‍

KSL Capital Partners is a private equity firm specializing in travel and leisure enterprises in five primary sectors: hospitality, recreation, clubs, real estate and travel services. KSL Capital Partners has offices in Denver, Colorado and New York. For more information, please visit www.kslcapital.com.

KSL s current and prior investments include some of the premier properties in travel and leisure, including Grand Wailea Resort Hotel & Spa, The Royal Palm, La Costa Resort and Spa, Hotel del Coronado, the Claremont Hotel Club & Spa, the San Francisco Bay Club and its sister clubs, as well as ClubCorp, the world’s largest owner of private golf and business clubs. KSL also owns other premier recreation businesses, including Squaw Valley USA, one 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.

About KSL Resorts‍

Founded in 1992, KSL Resorts manages eight 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 are:

• Montelucia Resort & Spa (Scottsdale)
• Hotel del Coronado (San Diego)
• Beach Village at The Del (San Diego)
• 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.)
  For more information, please visit kslresorts.com.

About IHG‍

InterContinental Hotels Group (IHG) [LON:IHG, NYSE:IHG (ADRs)] is a global company operating seven well-known hotel brands including InterContinental® Hotels & Resorts, Hotel Indigo®, Crowne Plaza® Hotels & Resorts, Holiday Inn® Hotels and Resorts, Holiday Inn Express®, Staybridge Suites® and Candlewood Suites® . IHG also manages Priority Club® Rewards, the world’s first and largest hotel loyalty program with 58 million members worldwide.

IHG is the world’s largest hotel group by number of rooms and IHG franchises, leases, manages or owns, through various subsidiaries, a portfolio of over 4,400 hotels and more than 652,000 guest rooms in 100 countries and territories around the world. IHG has more than 1,200 hotels in its development pipeline and expects to recruit around 160,000 people worldwide over the next few years. InterContinental Hotels Group PLC is the Group’s holding company and is incorporated in Great Britain and registered in England and Wales. IHG offers information and online reservations for all its hotel brands at http://www.ihg.com and information for the Priority Club Rewards program at www.priorityclub.com. For our latest news visit www.ihg.com/media, Twitter www.twitter.com/ihgplc or YouTube http://www.youtube.com/ihgplc

DENVER, Colo. - April 13, 2011 - KSL Capital Partners, LLC announced today that it has acquired The Royal Palm Hotel in Miami’s historic South Beach district for $130 million at closing, or roughly $318,000 per key, from an affiliate of Sunstone Hotel Investors, Inc. (NYSE: SHO). Opened in 1939, in 2002 the hotel underwent an extensive renovation that added two towers and increased the size of the hotel to 409 rooms. KSL intends to completely renovate and reposition the hotel under The James brand as The James Royal Palm.

The hotel is managed by Denihan Hospitality Group who will remain in place following the acquisition and who will manage the planned renovation.

"South Beach is one of the strongest and most desirable hotel locations in the United States. The very successful James brand is a natural addition to South Beach. Following the renovation, The James Royal Palm will be the premier luxury boutique hotel in South Beach," said Bernard Siegel, a Principal of KSL.

The renovation plan includes improvements to all of the guestrooms, guest baths and public areas of the hotel, including new restaurants, a spa, outdoor spaces, and furnishings to bring the hotel up to the exacting standards of The James brand. The renovation is scheduled to be completed in late 2012.

Mr. Siegel added, "South Beach is not simply a vacation spot, but a historic and vibrant community. The Royal Palm was originally constructed at the height of the art deco movement in Miami. The planned renovation will preserve the style and history of the hotel, while improving virtually all aspects of the Royal Palm with a new level of luxury and sophistication. We are very pleased to be part of this exciting project and a part of South Beach."

The Royal Palm is located on nearly two acres in a prime beachfront location between 15th and 16th Streets on Collins Avenue in Miami Beach.

About KSL Capital Partners‍

KSL Capital Partners is a private equity firm specializing in travel and leisure enterprises in five primary sectors: hospitality, recreation, clubs, real estate and travel services. KSL Capital Partners has offices in Denver, Colorado and New York. For more information, please visit www.kslcapital.com.

KSL s current and prior investments include some of the premier properties in travel and leisure, including Grand Wailea Resort Hotel & Spa, Arizona Biltmore Resort & Spa, La Costa Resort and Spa, Hotel del Coronado, the Claremont Hotel Club & Spa, the San Francisco Bay Club and its sister clubs, as well as ClubCorp, the world s largest owner of private golf and business clubs. KSL also owns other premier recreation businesses, including Squaw Valley USA, one 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. In addition, KSL’s predecessor owned and operated the Doral Golf Hotel & Spa from 1992 until 2004.

About the James

The James Chicago debuted in April 2006 as the stylish alternative for discerning business and leisure travelers alike. Featuring David Burke’s Primehouse, JBar lounge, expansive meeting and event spaces, exclusive James Club guest lounge, spacious, modern and comfortable guest rooms as well as a seasonally rotated exhibition of artwork chosen in conjunction with Monique Meloche Gallery. The James New York debuted in September 2010 anchoring the southwest corner of Grand and Thompson Streets in SoHo. In continuation of the brand’s support for the arts, The James New York features an exclusive, proprietary collection by emerging artists upon each of their 14 guestroom floors. Unique event spaces and impeccable attention to details are found throughout. The hotel boasts culinary destination David Burke Kitchen, a rooftop pool deck, rooftop bar and lounge, Jimmy, an Urban Garden, Penthouse Loft designed by Piet Boon; and a captivating Sky Lobby, accessible by a signature glass elevator and outfitted with furnishings by Cristina Grajales. The latest addition to The James brand is The James Royal Palm, located in South Beach, Miami, opening in late 2012. www.jameshotels.com

About Denihan Hospitality Group

New York based Denihan Hospitality Group, one of the nation’s fastest growing owner/operators of stylish boutique hotels, draws upon a 50-year family legacy of providing guests with highly individualized service. Denihan’s 13-property portfolio includes upper upscale and luxury brands Affinia Hotels and The James, as well as luxury independent properties The Surrey and The Benjamin, and other independent affiliates. A full-service management and development company, Denihan’s properties are located in some of the most sought after U.S. locations, including New York, Chicago, Washington, D.C., and Miami. For reservations or further information, visit www.denihan.com.

Denver and Avon, Co. (April 1, 2011) – East West Partners (“East West”) and KSL Capital Partners (“KSL”) announced today that they have partnered to pursue resort real estate acquisition and development opportunities throughout the United States. East West and KSL have a 25-year history of working together and developing resort real estate, dating back to their founders’ common time in Vail and Beaver Creek Resorts.

The partnership will be actively looking for existing and new development opportunities in first-class mountain, beach, and second-home resort real estate markets, seeking to capitalize on recent distress in these markets. Specifically, the partnership is targeting projects in need of completion, preferably ones with associated development opportunities.

East West was founded in 1986 with the purchase of a single piece of land in a then emerging resort called Beaver Creek. Today, that development is a world-class destination and the cornerstone for a portfolio of acclaimed projects in the finest resort destinations across the United States. East West’s extensive resort development history includes hotels, condominiums, fractional ownership, spas, golf courses, restaurants, retail, and clubs. In all, East West has successfully developed more than 60 projects comprising more than $3.0 billion of residential and commercial real estate, while protecting and enhancing the existing natural environment.

KSL is a private equity firm specializing in investments in the travel and leisure industries. KSL’s current and prior investments include some of the world’s premier resort properties, including Grand Wailea Resort Hotel & Spa, Arizona Biltmore Resort & Spa, La Costa Resort and Spa, La Quinta Resort & Club, Hotel del Coronado, The Homestead, Barton Creek Resort & Spa, and Rancho Las Palmas Resort & Spa. Many of these resort investments have involved significant real estate development components. Additionally, KSL’s current portfolio includes Squaw Valley USA, one of the premier mountain resorts in North America; ClubCorp, Inc., the largest owner of golf, country, and business and sports clubs in the world, with more than 150 destinations; and, Western Athletic Clubs, an upscale, family-focused fitness club company in California.

“Although resort real estate has been negatively impacted by the recent economic downturn, we believe long-term demographics support continued second home ownership growth in unique and memorable destinations. East West has consistently been one of the premier developers of resort real estate for more than two decades. They have a deep and talented team with a proven ability to create and transform resort communities. We are looking forward to an exciting and productive partnership,” stated Eric Resnick, Managing Director and Co-Founder of KSL.

“We have known and worked with the principals of KSL for many years, and we share a mutual admiration for our respective teams’ capabilities and experience. Together, we have the ability to build on each other’s strengths and take advantage of some exciting opportunities,” stated Harry Frampton, Managing Partner and Founder of East West.

About East West Partners‍

East West is a family of related but independent companies devoted to building, selling, managing and supporting high-quality real estate in the communities in which they operate. East West currently is developing resort properties in Vail, Beaver Creek and Summit County, Colorado; Lake Tahoe, California; Deer Valley, Utah; and Charleston, SC. For more information, please visit www.eastwestpartners.com.

About KSL Capital Partners‍

KSL Capital Partners is a private equity firm dedicated to investments in travel and leisure businesses. KSL Capital Partners has offices in Denver and New York. For more information, please visit www.kslcapital.com.