KSL says it will upgrade the Rancho Las Palmas property, which includes an adjacent 27-hole golf course and spa, over the next 24 months. Improvements, to begin immediately, will be aimed at uprgrading the hotel rooms, retail and restaurant venues, expanding the pool and water feature complex, and improving the club and golf facilities. The resort will remain open throughout the renovation.
The new ownership will retain KSL Resorts, an independent resort management company, to manage the property. KSL Resorts, which manages the historic Hotel del Coronado in San Diego and the La Costa Resort and Spa in Carlsbad, has previously owned and operated a list of resorts including the Arizona Biltmore Resort & Spa, Doral Resort & Spa, Grand Wailea Resort Hotel & Spa and La Quinta Resort and Club.
This acquisition marks the first investment for KSLCP's new private equity fund, which focuses on resort-oriented travel and leisure assets. KSL Capital Partners LLC, in turn, is a private equity fund specializing in travel and leisure businesses. Strategic Hotels & Resorts Inc. has ownership interests in 19 properties with an aggregate of 9,607 rooms.
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