Colorado firm to buy, upgrade Squaw Valley resort

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A Colorado-based investment firm has announced plans to acquire the Squaw Valley USA resort near Lake Tahoe and invest $50 million in improvements there.

KSL Capital Partners, a Denver private equity firm with investments in resorts, spas and cruise lines, did not announce the price of the acquisition but said it hoped to close the deal by the end of 2010.

A KSL spokeswoman confirmed that the investment firm plans to make $50 million in upgrades over the next three to five years.

Squaw Valley was founded in 1949 by Alex Cushing and hosted the 1960 Olympic Winter Games. In a news release, KSL praised Cushing, who died in 2006, for launching the 4,000-acre resorts. Cushing’s widow, Nancy, resigned as the resort’s executive officer this summer.

‘With Squaw Valley USA, Alex Cushing made a profound impact on the snow sports industry and we’re honored to build upon the resort’s legacy,’ KSL managing director Eric Resnick said in a statement.

KSL said recently appointed Squaw Valley President Andy Wirth will continue in his role at the resort. Wirth formerly worked as an executive a Intrawest, a large ski resort operator based in Vancouver.

-- Hugo Martin