East West Partners, KSL announce resort deal
AVON, Colorado – East West Partners and KSL Capital Partners recently announced a partnership 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 at the Vail and Beaver Creek Resorts. According to a press release, 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. 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 piece of land in Beaver Creek. Today, that development is the cornerstone of a portfolio of projects in resort destinations across the United States. East West’s development history includes hotels, condominiums, fractional ownership, spas, golf courses, restaurants, retail, and clubs. In all, East West has developed more than 60 projects comprising more than $3 billion of residential and commercial real estate.KSL is a private equity firm specializing in investments in the travel and leisure industries. KSL’s current and prior investments include the 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. KSL’s current portfolio includes Squaw Valley USA; ClubCorp, Inc., the largest owner of golf, country, and business and sports clubs in the world; and Western Athletic Clubs, an upscale 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,” KSL co-founder and managing director Eric Resnick said. “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.”Harry Frampton, managing partner and founder of East West, said, “We have known and worked with the principals of KSL for many years, and we share a mutual admiration for our respective teams’ capabilities and experience. Together, we have the ability to build on each other’s strengths and take advantage of some exciting opportunities.”For more information, go to http://www.eastwestpartners.com or http://www.kslcapital.com.