Hotel Online Special Report
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KSL Recreation Corporation Purchases Maui's Five-Diamond Grand Wailea Resort Hotel Spa
 
WAILEA, Hawaii, Nov. 16, 1998 - KSL Recreation Corporation, owners and operators of such prestigious destination resorts as La Quinta Resort Club and PGA WEST(TM) in La Quinta, California and Doral Golf Resort Spa in Miami, Florida, has contracted to purchase the Grand Wailea Resort Hotel Spa in Wailea Resort on Maui, Michael S. Shannon, president and chief executive officer of KSL announced today.

KSL Recreation will purchase the luxurious 781 room (including 53 suites) Grand Wailea Resort Hotel Spa, which opened in 1991, from the New York based International Hotel Acquisitions, LLC, (IHA), an affiliate of Credit Suisse First Boston; and Secured Capital Corp. which has controlled the resort since a financial restructuring in June, 1998. The property operated as a Grand Hyatt Hotel from 1991 to 1993.

The famed Grand Wailea, set on 40 acres of Maui's south shore, is one of Hawaii's most luxurious resort hotels and one of the country's leading destinations for leisure and group travel. The Grand Wailea includes Hawaii's largest grand ballroom and 22 meeting and convention rooms. Guest rooms range in size from 640 square-feet to 5,500 square-foot suites. The 40,000 square-foot Spa Grande at Grand Wailea, named the #1 resort spa in the world, this month in the annual Conde Nast Traveler magazine "Reader's Choice" poll, is a world-renowned pacesetter in the spa industry. In the same poll, Maui was named the "best island in the world."

There are three award-winning, 18-hole golf courses within Wailea Resort and another four courses located within 15 minutes, which combined with Grand Wailea's renowned beach, pool and spa amenities make Grand Wailea an incomparable destination. Grand Wailea guests also have access to the Wailea Resort's 11 tennis courts. The resort is best known for the five-star service and hospitality provided by its 1,200 employees.

"We are pleased that an organization with such a fine reputation as KSL's will continue Grand Wailea Resort Hotel Spa's commitment to Maui and to superior guest service," said Lance J. Graber, Vice President of IHA.

"Grand Wailea Resort Hotel Spa is legendary for its natural beauty, spectacular setting and incomparable guest service. KSL is extremely proud to have Grand Wailea Resort Hotel Spa join its distinctive group of resort properties," said Scott Dalecio, Western Division President of KSL, who will be heading the transition.

"As has been the case with each of our properties, KSL is committed to preserving the integrity and sense of place of this well-established resort," Mr. Dalecio said. "We fully intend to learn and share with the Maui community, to be good neighbors and to be responsible stewards of Grand Wailea Resort Hotel Spa. It is a truly remarkable place that should be cherished and enhanced for generations to come."

KSL Recreation is a La Quinta, California-based owner and operator of La Quinta Resort Club and PGA WEST in La Quinta, California; The Claremont Resort Spa in Berkeley, California; Doral Golf Resort and Spa, in Miami, Florida; Lake Lanier Islands, near Atlanta, Georgia; and the Grand Traverse Resort in Traverse City, Michigan. KSL Recreation also owns KSL Fairways, a Manassas, Virginia-based community golf course company which owns and operates 31 community golf courses located east of the Mississippi.

Grand Wailea Resort Hotel Spa is a member of The Leading Hotels of the World, an association of more than 100 of the world's finest luxury hotels and resorts and is a recipient of the prestigious AAA Five-Diamond award. The sale is expected to be completed in December 1998. Secured Capital Corp. acted as advisor to IHA in connection with the financial restructuring and sale of the resort.

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Contact:
KSL Recreation
Pat Peeples for KSL Recreation, 970-845-8525
or Sheila Donnelly 
of Sheila Donnelly Associates, 808-949-4131
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Also See:
KSL Recreation Corporation Purchases The Claremont Resort Spa / April 1998 
Market Understanding Key When Investing in Hawaiian Hotels / Ron Watanabe / Aug 1998 

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