KSL TO MANAGE RECENTLY SOLD GRAND WAILEA, ARIZONA BILTMORE & LA QUINTA RESORT

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KSL has entered into a long-term management contract with CNL Hotels & Resorts to operate three of the resort properties KSL recently sold to the hotel real estate investment trust. The resorts under KSL's management are the 780-room Grand Wailea Resort Hotel & Spa (Maui, HI), the 738-room Arizona Biltmore Resort & Spa (Phoenix, AZ), and the 796-room La Quinta Resort & Club (La Quinta, CA).

Although the company currently operates the California resorts Hotel del Coronado in San Diego and La Costa Resort and Spa in Carlsbad, the CNL agreement is the company's first venture in the arena of third party management. Michael Shannon, CEO/cofounder of KSL, told Hotel Businesss: 'We believe the time is right for us to extend our focus to manage select luxury properties on behalf of their owners. We're very pleased to begin this process with a strong third-party owner in CNL, and we look forward to expanding our portfolio through new partnerships with other property owners going forward."

On a related note, CNL has contracted Marriott International to manage one of their other KSL purchases, The Doral Golf Resort & Spa. The 692-room property will now officially be named the Doral Golf Resort & Spa, A Marriott Resort. CNL has plans to invest $40 million over the next three years for renovations and additions to the property.