Rancho Las Palmas Resort & Spa
444 room Destination Resort Receiving $30 million in Improvements
|LA QUINTA, Calif. - -July 17, 2006 -- KSL Capital Partners, LLC (KSLCP)
has announced that it has closed on its acquisition of the Rancho Las Palmas
Resort & Spa from Strategic Hotels & Resorts, Inc. (NYSE:BEE).
This acquisition marks the first investment for KSLCP's new private equity fund, and continues KSLCP's focus on resort-oriented travel and leisure assets.
A former Marriott-managed hotel, the Rancho Las Palmas Resort & Spa is a 444-room destination hotel with an adjacent 27-hole golf course and world-class spa. Located in the heart of Rancho Mirage, Calif., the resort draws regional, national and international visitors.
KSLCP plans a $30 million renovation and upgrade to the existing resort
over the first 24 months following the acquisition. Improvements to the
resort will begin immediately and will expand and improve the quality of
guest facilities throughout the resort, including a comprehensive hotel
room renovation, new retail and restaurant venues, an expanded pool and
water feature complex, and improvements to the club and golf facilities.
Given the resort's large campus and unique guest room layout, the resort
will remain open throughout the renovation.
KSLCP will retain KSL Resorts, an independent resort management company, to manage the property. Current properties managed by KSL Resorts include the historic Hotel del Coronado in San Diego, Calif. and renowned La Costa Resort and Spa in Carlsbad, Calif. KSL Resorts has previously owned and operated some of the most famous resorts in the world, including the Arizona Biltmore Resort & Spa, Doral Resort & Spa, Grand Wailea Resort Hotel & Spa and La Quinta Resort and Club.
About KSL Capital Partners, LLC
|Also See:||KSL Capital Partners to Acquire the Marriott Rancho Las Palmas Resort & Spa from Strategic Hotels & Resorts, Inc. for $56.0 million; Plans a $30 million Renovation / May 2006|
|Strategic Hotels & Resorts Inc. Reaches Agreement to Pay Up to $10.4 million for Termination Fees and Related Severance Cost to Terminate Marriott's Management Contract at the Marriott Rancho Las Palmas Resort in Rancho Mirage, California / April 2006|