Olympic Valley, CA – Four years after the death of its founder Alex Cushing in 2006, all facets of Squaw Valley Development Company, including the ski area near Lake Tahoe and the Village at Squaw Valley are being sold to KSL Capital Partners, LLC, it was announced today. The transaction is expected to close prior to year end.n“Squaw Valley and the Cushing family have been synonymous for more than 60 years,” said Nancy W. Cushing, Alex Cushing’s widow and Squaw Valley USA Chairman of the Board, who stepped down as CEO this past summer. “Alex’s dream was to create a world-class, four-season destination resort in one of the most beautiful places in the world. This transaction will result in the culmination of that dream by providing the necessary resources to ensure Squaw Valley’s continued improvement and success for generations to come.”

KSL is a private equity firm based in Denver dedicated to investments in travel and leisure businesses. KSL’s current and prior investments include the Grand Wailea Resort Hotel & Spa, Arizona Biltmore Resort & Spa, La Costa Resort and Spa, Doral Golf Resort & Spa, Hotel del Coronado, the Claremont Hotel Club & Spa, the San Francisco Bay Club and its sister clubs, as well as ClubCorp, the world’s largest owner of private golf and business clubs.

KSL’s founders, Eric Resnick and Michael Shannon, also have extensive hands-on experience in the snowsports industry. From 1985 to 1992, Shannon was President of Vail Associates, a predecessor company to Vail Resorts. Resnick held a variety of positions at Vail, including Vice President of Strategic Planning and Treasurer from 1996 through 2000. Both Shannon and Resnick also serve as board members for the United States Ski & Snowboard Team Foundation and the Vail Valley Foundation, and Resnick is on the Organizing Committee of the 2015 World Alpine Ski Championships.

“Squaw Valley is the birthplace of the modern mountain resort in the United States with a heritage, history, amenities and perhaps most of all, extraordinary terrain that can never be recreated,” said Resnick, KSL’s Managing Director. “With Squaw Valley USA, Alex Cushing made a profound impact on the snowsports industry and we’re honored to build upon the resort’s legacy.”

Recently appointed Squaw Valley President and CEO Andy Wirth will continue in his role under the new ownership. Wirth came to Squaw Valley in August 2010 after maintaining executive level positions with Intrawest, based out of Vancouver, British Columbia and Steamboat, Colo., and has 24 years of experience in the mountain resort and hospitality industry.

“In the short period of time he’s been at Squaw Valley, all of us at KSL recognize that Andy’s extensive experience and leadership has already had a profound and positive impact on the operations. We look forward to working with him to create an even brighter future for Squaw Valley,” said Resnick.

“KSL’s pending acquisition of Squaw Valley is great news for our guests and our dedicated, hardworking team,” stated Wirth. “KSL’s expertise in hospitality, recreation, and guest service will provide the support and resources for Squaw Valley’s talented management team to advance the resort’s enterprise-wide focus on the guest experience. The KSL team has already committed more than $50 million in capital improvements over the next three to five years here at Squaw, clearly supporting their commitment to the mountain and guest experience.”

The transaction marks the second major ski resort sale in the Lake Tahoe area this year. Last month, Vail Resorts acquired Northstar-at-Tahoe resort near Truckee from Booth Creek Ski Holdings, which has retained its other Lake Tahoe ski property, Sierra-at-Tahoe Resort.