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DENVER-Locally based private equity firm KSL Capital Partners LLC has agreed to acquire ClubCorp, the Dallas-based owner of some 173 private clubs, golf courses and resorts around the country. The deal is scheduled to close later this year, immediately after ClubCorp closes on the sale of Pinehurst Resort in North Carolina, which is being sold to the Robert Dedman family. The two transactions total $1.8 billion.

KSL managing director Michael Shannon says the acquisition of ClubCorp provides “a significant platform for our entry into the membership side of the leisure business.” ClubCorp CEO John Beckert says the sale provides the desired liquidity for its shareholders and the necessary capital to “to expand the enterprise and create new business opportunities.”

KSL has $1 billion in committed capital that invests in travel and leisure businesses. ClubCorp’s portfolio covers all five of the travel and leisure sectors KSL invests in: hospitality, recreation, clubs, real estate and travel services. KSL Resorts currently manages three resorts in California (Hotel del Coronado in San Diego, La Costa Resort and Spa in Carlsbad near San Diego, and Rancho Las Palmas Resort & Spa in Rancho Mirage).

ClubCorp’s annual gross revenue for 2005 was $1.04 billion. Its portfolio of resort and golf properties includes Barton Creek Resort & Spa in Austin, TX; and the Homestead in Hot Springs, VA; Firestone Country Club in Akron, OH; and Mission Hills Country Club in Rancho Mirage, CA. Its 60-plus business clubs and business and sports clubs include the Boston College Club; City Club on Bunker Hill in Los Angeles; Columbia Tower Club in Seattle; Metropolitan Club in Chicago; and the City Club of Washington, DC.

Citigroup Corporate and Investment Banking acted as M&A advisor, and Simpson Thacher & Bartlett LLP is acting as legal advisor to KSL Capital Partners. Goldman Sachs & Co. acted as M&A advisor, and Haynes and Boone, LLP is acting as legal advisor to ClubCorp.

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