Morgan Run
CLUBCORP ANNOUNCES SALE
TO KSL CAPITAL PARTNERS AND DEDMAN FAMILY
ClubCorp has announced that it has entered into purchase agreements
with KSL Capital Partners, LLC for its portfolio of nearly 170 clubs
and three resorts and with the Robert Dedman family for Pinehurst,
the historic North Carolina resort. ClubCorp, which will become a
portfolio company of KSL Capital Partners, will continue to own and
operate the portfolio of clubs and three resorts from its Dallas
headquarters. The two transactions, which are subject to customary
closing conditions, have an aggregate transaction value of
approximately $1.8 billion and are expected to close by the end of
2006.
KSL Capital Partners, LLC is a private equity firm with in excess of
$1 billion in committed capital that invests in travel and leisure
businesses. KSL Capital specializes in five sectors in the travel
and leisure industry: hospitality, recreation, clubs, real estate
and travel services. ClubCorp falls within each of these sectors.
The ClubCorp management team will continue to operate the company
using the same guiding principles established by its founder nearly
50 years ago. ClubCorp's experienced club managers and dedicated
Employee Partners will remain focused on providing the highest
levels of personal service and creating the extraordinary
experiences that you and your Guests deserve.
KSL Capital Partners' independent management company, KSL Resorts,
currently manages three premier California resort destinations,
including the historic Hotel del Coronado in San Diego, renowned La
Costa Resort and Spa in Carlsbad near San Diego, and Rancho Las
Palmas Resort & Spa in Rancho Mirage. ClubCorp will have strategic
relationships with these resorts, similar to the one we will have
with Pinehurst, which will enhance the privileges enjoyed by Members
with Signature Gold. And we believe that this is just the beginning
of new things to come for ClubCorp's nearly 200,000 Member
households.
