KSL Resorts Now Managing Rancho Las Palmas
444 room Destination Resort Receiving $30 million in Improvements
LA QUINTA, CA, 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.
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
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 
