| 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.
.
| As of July 15, 2006 the Rancho Las Palmas Resort will
no longer be managed by Marriott International and will no longer be affiliated
with the Marriott Hotels and Resorts Brand. The hotel will be managed by
KSL Resorts and operated as an independent hotel. Marriott Reward certificates
will not be accepted as payment for room/tax after this date, nor will
the Marriott Miles be issued for stays after this date. Existing rates
and reservations will be honored.
A History of Rancho Las Palmas
In 1876, Southern Pacific Railroad cut a track through the San Gorgonio
Pass to Los Angeles, paving the way for settlement in the Palm Springs
desert. Word spread quickly of the region�s healthy climate and the healing
powers of its hot springs.
It would be another 70 years before Los Angeles architect H.L. �Hank�
Gogerty purchased 320 acres of unimproved land and graded an airstrip to
accommodate private planes. Visitors flying in would lodge in surplus army
barracks brought in from Beaumont and dine in an old cottage converted
into a dining room. This cottage eventually became the base for the Rancho
Las Palmas Country Club. A bar and swimming pool were added in 1950, and
one year later the property formally opened as the Desert Air Hotel.
Hollywood stars and heads of state, including President Eisenhower and
later Presidents Nixon, Ford and Reagan, began flocking to the desert resort,
many arriving in their own private planes. Bob Hope, Frank Sinatra and
President Ford were among the notables so taken by the climate that they
eventually settled here.
In 1973, Rancho Mirage was incorporated, becoming the 16th city in Riverside
County. Development quickly flourished.
A 1976 groundbreaking for the Rancho Las Palmas Country Club was followed
one year later by groundbreaking on the Rancho Las Palmas resort and its
grand opening under the Marriott Corporation in February 1979. While celebrities
such as Cary Grant, Roy Rogers and Dale Evans looked on, guest of honor
Bob Hope opened the festivities by hitting a golf shot through a ribbon
which burst into flames, leading to fireworks and an exultant release of
balloons.
Rancho Las Palmas was the first desert resort to remain open year-round,
and it established immediate appeal as a getaway of choice for celebrities.
In 1999, the resort unveiled a 20,000-square-foot, European-style spa
as part of a $32- million refurbishment. In 2006, the former Marriott resort
was acquired by KSL Resorts, whose renovation plans will burnish the original
glamour of Rancho Las Palmas while creating a world-class desert resort
for the 21st century. |
.
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
KSL Capital Partners, LLC is a private equity fund specializing in
travel and leisure businesses. For further information, please visit the
company's website at www.kslcapital.com
|
