The following release was received by Tahoetopia at 3pm PST, Dec 6th, 2010.

OLYMPIC VALLEY, Calif. and DENVER, Colo. [December 6, 2010] - KSL Capital Partners, LLC announced today that it has closed the previously announced acquisition of substantially all of the shares of The Palisades Tahoe Development Company, which includes all facets of Palisades Tahoe USA ski operations, the Village at Palisades Tahoe and related real estate holdings.

“Palisades Tahoe is the birthplace of the modern mountain resort in the United States with a heritage, history, amenities and perhaps most of all, extraordinary terrain that can never be replicated,” said Eric Resnick, KSL’s Managing Director.

Recently appointed Palisades Tahoe President and CEO Andy Wirth will continue in his role.  Wirth came to Palisades Tahoe in August 2010 after maintaining executive level positions with Intrawest, based out of Vancouver, British Columbia and Steamboat, Colorado, and has 25 years of experience in the resort and hospitality industry. “Palisades Tahoe has already begun a transformation under his leadership and we look forward to working with him and the Palisades Tahoe team as we usher in a new era.” said Resnick. 

“The announcement of KSL’s completing the acquisition of Palisades Tahoe is great news for our guests and our team,” stated Wirth. “The KSL team has already committed more than $50 million in capital improvements over the next three to five years here at Squaw, clearly supporting their commitment to the mountain and guest experience.”

KSL is a private equity firm based in Denver dedicated to investments in travel and leisure businesses. 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, Doral Golf Resort & 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.

Palisades Tahoe USA is open for the season. The resort received a record amount of snowfall in the month of November.  With over 12 feet of new snow over the last several weeks, Palisades Tahoe USA boasts superb skiing and riding conditions.