KSL Capital to Acquire Marriott Rancho Las Palmas for $56.0 mil
Plans $30 million Renovation
LA QUINTA, CA, May 10, 2006. KSL Capital Partners (KSLCP) has announced an agreement to acquire the Marriott Rancho Las Palmas Resort & Spa from Strategic Hotels & Resorts, Inc. In addition to the $56.0 million purchase price (excluding customary closing adjustments and transaction costs), KSLCP plans a $30 million renovation and upgrade to the existing resort over the first 24 months following the acquisition. Given the resort's large campus and unique guest room layout, the resort will remain open throughout the renovation.
This acquisition marks the first investment for KSLCP's new private equity firm, and continues KSLCP's focus on resort-oriented travel and leisure assets. The acquisition is scheduled to close in July, subject to customary closing conditions.
The Marriott 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 visitors from both California and around the world.
KSLCP will retain its affiliated independent management company, KSL Resorts, to manage the property. KSL Resorts currently manages 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 & Club.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
