East West Partners and KSL Capital Partners Join Real Estate Forces

Press Release:

KSL CAPITAL PARTNERS AND EAST WEST PARTNERS
 ANNOUNCE RESORT REAL ESTATE PARTNERSHIP


Denver and Avon, Co. (April 1, 2011) – East West Partners (“East West”) and KSL Capital Partners (“KSL”) announced today that they have partnered to pursue resort real estate acquisition and development opportunities throughout the United States. East West and KSL have a 25-year history of working together and developing resort real estate, dating back to their founders’ common time in Vail and Beaver Creek Resorts.


The partnership will be actively looking for existing and new development opportunities in first-class mountain, beach, and second-home resort real estate markets, seeking to capitalize on recent distress in these markets. Specifically, the partnership is targeting projects in need of completion, preferably ones with associated development opportunities.

East West was founded in 1986 with the purchase of a single piece of land in a then emerging resort called Beaver Creek. Today, that development is a world-class destination and the cornerstone for a portfolio of acclaimed projects in the finest resort destinations across the United States. East West’s extensive resort development history includes hotels, condominiums, fractional ownership, spas, golf courses, restaurants, retail, and clubs. In all, East West has successfully developed more than 60 projects comprising more than $3.0 billion of residential and commercial real estate, while protecting and enhancing the existing natural environment.



KSL is a private equity firm specializing in investments in the travel and leisure industries. KSL’s current and prior investments include some of the world’s premier resort properties, including Grand Wailea Resort Hotel & Spa, Arizona Biltmore Resort & Spa, La Costa Resort and Spa, La Quinta Resort & Club, Hotel del Coronado, The Homestead, Barton Creek Resort & Spa, and Rancho Las Palmas Resort & Spa. Many of these resort investments have involved significant real estate development components. Additionally, KSL’s current portfolio includes Squaw Valley USA, one of the premier mountain resorts in North America; ClubCorp, Inc., the largest owner of golf, country, and business and sports clubs in the world, with more than 150 destinations; and, Western Athletic Clubs, an upscale, family-focused fitness club company in California.


“Although resort real estate has been negatively impacted by the recent economic downturn, we believe long-term demographics support continued second home ownership growth in unique and memorable destinations. East West has consistently been one of the premier developers of resort real estate for more than two decades. They have a deep and talented team with a proven ability to create and transform resort communities. We are looking forward to an exciting and productive partnership,” stated Eric Resnick, Managing Director and Co-Founder of KSL.