The partnership between the two companies, which remains unnamed, is North America’s second-largest player in the ski resort world, and the latest purchase is a direct challenge to Vail Resorts, the world’s largest resort operator. The companies are not planning any major changes for the Park City, Utah resort. The partnership between Aspen Skiing and KSL…
Adidas Sells Parts of Golf Division for $425M
The divestiture includes the TaylorMade, Adams Golf and Ashworth brands, which will be offloaded to KPS Capital Partners. The firm will pay half of the sum in cash, and half in a combination of secured note and contingent considerations. The deal is expected to close in fall 2017.
KSL Capital Partners, Aspen Skiing Co. Acquire Intrawest Resorts
The private equity firm and ski resort operator have acquired Intrawest for $1.5B, including debt. Intrawest’s properties include Steamboat Ski Resort in Steamboat Springs, Colo., Winter Park (Colo.) Resort, Tremblant Ski Resort in Quebec, Stratton Mountain Resort in South Londonderry, Vt., Snowshoe (W. Va.) Mountain, and Blue Mountain in Ontario.
Hyatt Acquires Wellness Hospitality Company Miraval Group
In a deal announced on January 18, the hotel corporation will pay $215 million for the Miraval brand and two resorts, Miraval Resort & Spa in Tucson, Ariz., and Travaasa in Austin, Texas, then invest an additional $160 million over the next few years to redevelop both properties and to acquire and redevelop a third, the Cranwell Spa & Golf Resort in Lenox, Mass. Miraval will live as a separate business unit within Hyatt.
Eric Affeldt Tops “Most Powerful People in Golf” List
The CEO and President of ClubCorp took the top spot in Golf Inc.’s list for the second year in a row, and has ranked in the top five since 2007. The list ranks individuals’ influence and their organizations’ ability to positively impact the golf industry.
Barron’s Touts ClubCorp’s Market Strength
The financial magazine featured the private club owner/operator as one recent initial public offering that’s “worthy of attention.” The company’s “healthy returns” from remodeling clubs, potential for growth within the fragmented country club market, and strong free cash flow were highlighted in the analysis.
Follow the Money
I am happy to explain to anyone who asks that the club and resort market is doing just fine. The club model is not broken; it is simply in a state of transition.
Report: Fortress Investments to Buy American Golf Corporation
The Santa Monica, Calif.-based management company, currently owned by an investor group headed by Goldman Sachs and Starwood Capital, will be acquired by the New York investment firm, according to a report in The Pellucid Perspective.
Follow the Money
When it comes to owning the pro shop, is it better for the club or an employee to collect the profits and assume the risk? By Rob Thomas, Contributing Editor A golfer walks out of the pro shop with a brand new shirt and matching hat. The logo may be that of Bear Mountain Ranch…
Squaw Valley Resort Announces Merger with Alpine Meadows
The merger comes as Tahoe resorts and business leaders are studying a bid for the Winter Olympics, perhaps for the next available Games in 2022.
Private Equity Firm Buys La Costa Resort and Spa
A private equity firm with ties to the La Costa Resort and Spa has acquired the Carlsbad, Calif. property in a move that may signal a revival of the once highly regarded hotel, reports the San Diego Union-Tribune. KSL Capital Partners, which only recently purchased nearly $400 million in debt on the property…
On My Mind…
ClubCorp created the private club model, and now has progressive ideas about how it must change.
How ClubCorp is Defining the Market…Again
Bolstered by fresh energy and funds from its new owner (KSL Capital Partners), dramatic change-strategic, physical, and cultural-is sweeping through the 150-plus properties rn by the company that’s credited with creating the model for the private club business.
Answering the Bell
“Bell Notes” have been a key tool for ClubCorps operating principal throughout the years…