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Lowe Hospitality Group Acquires Interest in the Resort
at Squaw Creek Near Lake Tahoe; Destination Hotels
& Resorts to Manage Resort Operations
ENGLEWOOD, Colo. – April 6, 2004 – An affiliate of the Lowe Hospitality Group recently purchased an interest in Squaw Creek Associates, the company that owns and operates the Resort at Squaw Creek located in Olympic Valley, Calif. near Lake Tahoe. The assets of Squaw Creek Associates include all of the existing resort and related property, as well as several undeveloped land parcels for potential condominium and residential development. Effective April 6, 2004, SCA has retained Destination Hotels & Resorts to manage resort operations and Destination Development Company to manage future redevelopment of the resort.

“The Resort at Squaw Creek offers a unique selection of year-round activities in the picturesque setting of Lake Tahoe,” said Rob Lowe, president and chief operating officer of Destination Development Company, the LHG affiliate involved in the Squaw Creek project. “With such a great year-round appeal, we are going to review how we can create additional lodging opportunities for the Squaw Creek property so that more visitors can experience the beauty of the area.”

“Our partnership with Squaw Creek Associates provides us with the opportunity to manage the existing hospitality components at the Resort at Squaw Creek while looking to the future for potential growth opportunities,” said Charles Peck, president and chief operating officer of Destination Hotels & Resorts, the hospitality management arm of Lowe Hospitality Group. DH&R is the second largest independent hospitality management company in the United States.

SCA is planning $21 million in capital improvements to renovate the existing hotel property over the next five years. Beginning this fall, guest rooms and suites, meeting space and lobby renovations are scheduled and are expected to be complete when the winter ski season begins at Squaw Valley. Additional spa, golf and food and beverage enhancements are slated for 2005.

Nestled amidst the base of the granite peaks of Squaw Valley USA, home of the 1960 Winter Olympics, the renowned Four-diamond property features 403 luxury guestrooms and suites, five distinctive restaurants, a Robert Trent Jones, Jr. Championship golf course, 33,000 square feet of IACC-designed meeting space, a retail shopping complex, ice skating rink and a luxury spa.

Year-round activities and amenities include the resort’s luxurious three-pool water garden, the Spa at Squaw Creek, an expanded executive fitness center and Mountain Buddies, a fully supervised children’s program. Other exclusive Resort at Squaw Creek winter attractions include an on-property chairlift, providing guests ski-in/ski-out access to Squaw Valley USA’s 4,000 acres of world-class terrain, a cross-country ski center, dog sled tours, sleigh rides, ice skating, snowshoeing and sledding. 

Luxury accommodations include deluxe rooms, oversized suites and bi-level penthouse units.  Guest rooms showcase panoramic views of the majestic surrounding mountains and the expansive lobby opens to a dramatic view of Squaw Peak. 

The 1960 Winter Olympics catapulted Squaw Creek onto the global sports scene.  It remains a favorite among local and regional sports enthusiasts, playing host to a variety of celebrity ski and golf events. The first luxury resort developed in the area, Resort at Squaw Creek opened in 1991 with a development cost of $130 million.  It is consistently awarded accolades by consumer and trade media such as Condé Nast Traveler, Golf Digest, Wine Spectator and Successful Meetings.

Destination Development Company is a subsidiary of Lowe Hospitality Group. DDC is responsible for the development of LHG hospitality projects including both hotels and resort communities. Recently completed hotel projects include The Lodge at Ocean Hammock in Florida and the Boardwalk Inn at Wild Dunes in South Carolina. The latest hotel project, Estancia La Jolla Resort & Spa in California, will open this summer. All DDC hotel projects are managed by Destination Hotels & Resorts upon completion.

Destination Hotels & Resorts is a privately held lodging management company located in Englewood, Colo. With 25 independent, luxury and upscale hotels, resorts and golf clubs, DH&R is the second largest independent lodging management company in the country. The company’s portfolio features more than 6,600 guest rooms, 17 golf courses and eight full-service spas.  DH&R properties are located in key metropolitan and resort markets including New York, San Francisco, Washington, D.C., Boston, San Diego, Aspen, Phoenix, Jackson Hole, Maui and Lake Tahoe.


 
Contact:
Kristin Yantis
DH&R, (303) 268-6819
kyantis@destinationhotels.com
www.squawcreek.com
Also See: University of California San Diego and Destination Hotels & Resorts Developing the Former Black Family Horse Farm into a Conference and Corporate Meeting Destination / Aug 2003
Destination Hotels & Resorts Projects 100% Growth in Next 5 Years; Leverages Data to Multiply Loyal Guests and Please Investors / Jan 2004


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