| PHOENIX - Dec. 22, 2000 - KSL Recreation Corp.
(�KSL�), owners and operators of such deluxe destination resorts as La
Quinta Resort & Club® and PGA WEST� in La Quinta, Calif., and Grand
Wailea Resort Hotel & Spa� on Maui, Hawaii, has purchased The Arizona
Biltmore Resort & Spa in Phoenix, Michael S. Shannon, chief executive
officer of KSL, announced today.
KSL has purchased the 730-room Arizona Biltmore
Resort & Spa from the Florida-based Boca Resorts Inc., which has owned
the resort since 1998.
The legendary Arizona Biltmore, which opened
on Feb. 23, 1929, is the only existing hotel in the world with a Frank
Lloyd Wright-influenced design, and is one of the nation�s most acclaimed
destination resorts.
The Arizona Biltmore�s 39 impeccably manicured
acres include 64,000 square feet of dedicated meeting space�one of the
largest meeting facilities in the state of Arizona. The Spa at the Arizona
Biltmore Resort, a 22,000-square-foot facility, features 21 treatment rooms
and offers 80 European treatments.
�The Arizona Biltmore is a perfect addition to
the KSL Recreation collection of distinctive resorts,� stated Shannon.
�Some of our properties are historic and include the 1926 La Quinta Resort
& Club in the Palm Springs region and the 1915 Claremont Resort &
Spa® in the San Francisco Bay area. We consider ourselves fitting stewards
of the venerable Arizona Biltmore and are delighted to welcome it to our
KSL family,� he added.
| The winner
of countless awards including Conde Nast Traveler Gold List and Travel
& Leisure Magazine 2000 �World�s Best Awards,� The Arizona Biltmore
also holds the distinction of being the world�s first recipient of the
prestigious Mobil Five-Star award more than 40 years ago. Institutional
Investor magazine recently rated The Arizona Biltmore the No. 7 hotel in
the world and the No. 3 hotel in the Americas.
The resort will operate under the direction of
Scott M. Dalecio, president of KSL�s Resort Division. �We feel a tremendous
responsibility to continue the tradition of gracious hospitality which
is a hallmark of The Arizona Biltmore,� he stated.
�At KSL, we are committed to creating �customers
for life,� and feel our philosophy is a perfect fit with the |
Boca Resorts, Inc. Closes on Sale of Arizona Biltmore
Resort & Spa
BOCA RESORTS, Inc. announced that it executed a definitive
agreement and closed on the sale of the Arizona Biltmore Resort &
Spa to KSL Recreation Corporation for $335 million plus $8.3 million in
certain working capital adjustments. KSL Recreation Corporation paid
the Company $283.9 million in cash and assumed $59.4 million in indebtedness.
The Company intends to use the net proceeds of the asset
sale to make additional investments in its business, repay indebtedness,
which may include
repurchases of a portion of the Company's outstanding
9.875% Senior Subordinated Notes, and for general corporate purposes. |
community. Since it opened in 1929, conscientious
owners have been committed to preserving the architectural heritage of
the �Jewel of the Desert�, and we intend to be exemplary in that regard.�
The recreation elements at The Arizona Biltmore
also nicely complement the KSL resorts profile. There are eight swimming
pools including the spectacular Paradise Pool complex featuring a 92-foot-long
water slide, the historic 1931 Catalina Pool built by original owner William
Wrigley Jr., 23 private cabanas and a new Olympic size pool in the Arizona
Wing. Traditional lawn games including croquet and lawn chess grace the
grounds.
Guests have access to two 18-hole PGA championship
golf courses adjacent at the Arizona Biltmore Country Club, the classic
Adobe Course designed by William Bell in 1932, and The Links, a traditional
layout with rolling fairways by golf architect Bill Johnston. Tennis enthusiasts
will find seven lighted courts, offering private lessons and clinics.
For the epicurean, there are five dining options
at the resort: Wrights, featuring new American cuisine; scenic patio dining
at the Biltmore Grill & Patio; casual bistro The Cafe; magnificent
mountain views at Squaw Peak Bar and Terrace; and poolside dining at Cabana
Club Restaurant & Bar. The resort�s award-winning wine cellar averages
a stock of 11,000 bottles with an impressive 600 selections on the wine
list.
KSL Recreation Corp. is the La Quinta-based owner
and operator of La Quinta Resort & Club® and PGA WEST� in La Quinta;
The Claremont Resort & Spa® in Berkeley, Calif.; Doral® Golf
Resort and Spa in Miami; Grand Traverse Resort and Spa� near the upper
shores of Lake Michigan; Grand Wailea Resort Hotel & Spa� on Maui;
and Lake Lanier Islands Resort® near Atlanta.
KSL�s holdings are now composed of 4,147 hotel
rooms, more than 414,000 square feet of meeting space, 355,500 square feet
of spa and fitness facilities, 17 golf courses including designs by Jack
Nicklaus, Arnold Palmer, Greg Norman, Gary Player, Tom Weiskopf, Raymond
Floyd, Jerry Pate and Pete Dye, 78 tennis courts, 31 restaurants, 42 retail
outlets and eight clubhouses. |
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