01/29/2010
Cooley Advises Acquirer of Squaw Valley Lodging Operations
The Cooley real estate team that represented Squaw Valley Ski Corp. included partners Alan Cohen and Anna Pope, special counsel Dennis Crovella and associates Seagrumn Gilbert and Eric Kauffman.
Squaw Valley USA – January 29, 2010 – Squaw Valley USA announced today that it has completed the acquisition of The Village at Squaw Valley, a four-season mountain resort village at the base of the legendary ski resort and site of the VIII Winter Olympic Games, Squaw Valley USA.
"We at Squaw Valley USA are very pleased to integrate the Village at Squaw Valley with our own operations, to provide a seamless resort experience for our guests. It is a reversal of philosophy as Squaw Valley Ski Corp has not operated a lodging property for 30 years. When we opened in 1949 we ran a small 50-room lodge that was occupied during the Olympics in 1960; it grew in size but our operation of this property ceased in 1979. And so the acquisition of the Village represents an exciting and greatly anticipated opportunity," explains Squaw Valley USA Chairman & CEO Nancy Cushing.
In 2002, the addition of the European-style village brought the off-hill experience at Squaw Valley up to par with the sought-after terrain and mountain offerings. The Village at Squaw Valley was developed by Intrawest and incorporates a pedestrian village that brings commercial tenants and residential properties to the Squaw experience. The transaction includes all of Intrawest's real estate holdings and operational assets including lodging operations at two condo-hotels and commercial assets whose tenants include six restaurants, 20 retail shops and a full service spa. With the transaction completed, Squaw Valley Ski Corp will oversee all of the day-to-day operations of The Village at Squaw Valley in addition to their current ownership of the on-mountain operations at the ski resort, Squaw Valley USA.
This winter season, it will be business as usual for resort guests. All 2009-2010 winter vacation reservations will be honored, and vacation packages and homeowner information will continue to be available at http://www.thevillageatsquaw.com
"Squaw Valley USA and Intrawest are working closely together to ensure a smooth transition for stakeholders, team members and visitors to our unique mountain resort and to expand its environmental stewardship to these new facilities," says Cushing.
About Squaw Valley USA
Located on the North Shore of Lake Tahoe, Squaw Valley USA is the ranked #1 ranked Western ski resort for environmental sustainability. Squaw Valley became world-famous in 1960 as host to the VIII Winter Olympics. Revered as some of the best in-bounds terrain in the world, Squaw Valley's 4,000 acres are spread across 6 peaks, 16 open bowls, and 3 terrain parks served by North America's most technologically advanced lift network with the largest uphill capacity. Nestled in the heart of the Sierra snowbelt, Squaw Valley enjoys an average of 450 inches of snow each season and Lake Tahoe's longest winter season – November to May. Additional information is available at http://www.squaw.com
About The Village at Squaw Valley
The Village at Squaw Valley opened with its first phase in February of 2002 and second phase in December of 2003. The Village consists of approximately 300 one, two and three bedroom condominium suites, six restaurants, 20 retail shops and a full service spa. It offers slope side condominium suites located next to the world renowned Squaw Valley USA Ski Resort. The summer months are fun filled with many events and entertainment. For more information, visit http://www.thevillageatsquaw.com