April 10, 2012
KSL Capital Partners Enters Agreement to Acquire Grove Park Inn
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.