Following Sale of Six Resorts to
CNL Hotels & Resorts, Inc
LA QUINTA, Calif., Aug. 19, 2004 - KSL Resorts, a leading luxury resort owner and manager since 1992, has launched a new phase of operations following its recent sale of six resorts to CNL Hotels & Resorts, Inc., the nation's second largest hotel real estate investment trust. KSL, under the terms of long term agreements, will now manage three of those marquee luxury resorts: Grand Wailea Resort Hotel & Spa (Maui, HI), La Quinta Resort & Club (La Quinta, CA), and Arizona Biltmore Resort & Spa (Phoenix, AZ).
These new management agreements, effective August 18, 2004, mark an important next step in the growth of KSL Resorts. While the company currently owns interests in or operates such famous resorts as the Hotel del Coronado in San Diego and La Costa Resort and Spa in Carlsbad, the agreement to manage third-party owned properties signals a new phase of development for KSL.
"This has been a tremendous year for KSL Resorts," said Michael S. Shannon, chief executive officer and co-founder of the company. "We are delighted about our growing relationship with CNL and the opportunity to continue our relationship with Grand Wailea, La Quinta, and the Arizona Biltmore through these new management contracts. These agreements set the stage for an exciting future for KSL, a time of growth secured through acquisitions, joint ventures and management contracts."
KSL is committed to operating stand-out properties with exceptional recreational amenities, including golf and spa facilities. It will continue to cater to the discerning guest who values the heritage and culture of KSL resorts as well as the highest possible physical and service standards.
"We believe the time is right for us to extend our focus to manage select luxury properties on behalf of their owners," Shannon added. "We're very pleased to begin this process with a strong third party owner in CNL, and we look forward to expanding our portfolio through new partnerships with other property owners going forward."
Grand Wailea Resort Hotel & Spa
La Quinta Resort & Club
Arizona Biltmore Resort & Spa
KSL Resorts was founded in 1992 and is based in La Quinta, CA. Its collection of unique and memorable golf and spa resorts includes:
Web Site: http://www.kslresorts.com
|Also See:||CNL Hospitality Completes Acquisition of Six KSL Resorts for $1.4 billion in Cash and Assumption of $794 million Debt; KSL Appointed Interim Management Company / April 2004|
|CNL Hospitality Properties, Inc. and KSL Recreation Corporation Acquiring Hotel del Coronado from Lowe Enterprises Investment Management / October 2003|
|KSL Resorts and CNL Hospitality Properties Investing in the Hotel del Coronado's Future; $125 million Expansion Proposed / October 2003|
|KSL Recreation Corporation Purchases The Claremont Resort Spa / April 1998|
|KSL Recreation Corporation Purchases Maui's Five-Diamond Grand Wailea Resort Hotel Spa / Nov 1998|
|KSL Recreation Corp. Intends to Sell the Claremont Resort & Spa in Oakland and Maintain the Management Contract / February 2004|