Tahoe Donner Aquires 482 acres in Euer Valley!

Tahoe Donner has completed its purchase of 482 acres in the Euer Valley. At the moment, appropriate uses and rules are being crafted by staff and the board of directors. This summer, the Euer Valley will be open to Tahoe Donner members for hiking, biking, and equestrian riding, with the following guidelines:

  • Motorized access to the Euer Valley is forbidden, except for Tahoe Donner staff and others who have a deeded right of way over the land.
  • For the next three years, free range livestock will be present in the valley. Please avoid them and proceed with caution.
  • The Euer family still owns 40 acres in the middle of the valley. This land will eventually be marked. In the meantime, please avoid hiking near the homestead and its nearby buildings.
  • On select weekends this year, Tahoe Donner will offer a shuttle bus with paid access from the Equestrian Center to the Euer Valley. Visit www.tahoedonner.com for details this summer.
  • The Euer Valley is a “pack in / pack out” destination. Please do your part to keep this a litter-free landscape.
  • Respect the privacy of those who live adjacent to the Euer Valley, as well as the trail head parking at the end of Alder Creek Road.  Sound levels should be kept low and parking should only occur in designated areas.

Thank you for your cooperation as we make this outstanding land available to members while preserving the natural experience there.

The land purchase was financed entirely with funds from the Recreational Amenity Expansion Fund which were generated when 32 acres of undeveloped land belonging to the association (now known as Donner Crest) were sold in 2004. No special assessment was necessary for this purchase that will greatly benefit the membership and add value to owning in Tahoe Donner.

“We have been in discussion with [John Euer] for many years concerning this spectacular piece of land that we previously have been leasing… We are thrilled to have this major piece of property adjacent to Tahoe Donner available permanently to many generations of our homeowners for recreational enjoyment throughout the entire year.  The board greatly appreciates the efforts of our general manager, Robb Etnyre, in seeing this purchase to completion.”

– Tahoe Donner Board of Directors President Suzy Knisley.

We look forward to generations of Tahoe Donner homeowners enjoying this land!

Kirkwood Aquired by Vail Resorts.

Vail Resorts CEO: Kirkwood buy is latest move to provide more value to Tahoe skiers
By Lauren Glendenning
Vail Daily

VAIL, Colo. — The value of Vail Resorts’ Epic Pass just got a whole lot sweeter with Wednesday’s announcement that the company is set to acquire Kirkwood Mountain Resort this month.

Vail Resorts announced that it has entered into agreement to acquire the resort for a purchase price of about $18 million. The purchase also includes undeveloped sites at the center of the base area, which are zoned for residential and commercial development, according to a company statement released Wednesday.

Vail Resorts Chief Executive Officer Rob Katz said the move represents a desire to essentially recreate the success seen in Colorado.

“What we’re looking to do is to provide the best resorts at a great value, just like we’re doing in Colorado.” Katz said Wednesday. “We feel like that strategy has been incredibly successful for us in Colorado, so we’re replicating that for the northern California market.”

The acquisition, while not yet final, means Epic Pass holders now have access to seven Vail Resorts ski areas — Kirkwood, Northstar California, Heavenly, Vail, Beaver Creek, Breckenridge and Keystone — as well as Arapahoe Basin, for a total of eight resorts. Heavenly and Northstar pass holders have immediate access to Kirkwood and vice versa, as of Wednesday’s announcement.

Kirkwood claims the most snow out of any Lake Tahoe-area resort, with an average of 472 inches annually. The mountain has 2,300 acres of terrain — about 500 more acres than Beaver Creek — and has 2,000 feet of vertical drop.

Katz said the terrain at Kirkwood includes a lot of high alpine terrain, bowls, glades and wide-open skiing.

“The skiing at Kirkwood is amazing,” Katz said. “It’s high alpine, incredible, exhilarating terrain. It gets the most snow of any of the Tahoe resorts. We felt like when you look at Northstar and Heavenly, Kirkwood complemented them well.”

Katz said Kirkwood will be the company’s smallest resort in terms of skier days, but said that doesn’t mean it’s not a “very compelling opportunity for our guests.”

JMP Securities released a note to investors Wednesday following the announcement that says the acquisition should increase earnings per share for Vail Resorts stock, as well as better position the company in the Lake Tahoe region.

“Still, the incremental EBITDA (earnings before interest, taxes, depreciation and amortization) from Kirkwood of $2 million-$3 million will not move the needle much on a company projecting to earn $233-243 million of annual EBITDA,” wrote Will Marks, managing director at JMP Securities and a Vail Resorts analyst.

The note goes on to say that the addition of Kirkwood to the Epic Pass “should drive some amount of increased purchasing.”

“Also, Vail’s general marketing expertise, versus an owner of just one resort (the seller of Kirkwood), could lead to more ticket sales,” Marks wrote.

Pre-season pass sales have proved exceptionally valuable for the company in recent years. Thirty-five percent of Vail Resorts’ lift ticket revenues are received before the majority of the ski season has occurred, which the company says mitigates exposure to weather-sensitive guests, drives strong customer loyalty and generates additional spending.

Reaction via Facebook was generally enthusiastic, although a few loyalists to the mom-and-pop nature of Kirkwood expressed some dissatisfaction.

In Eagle County, Sunny Koch wrote that Kirkwood is her favorite Tahoe-area resort.

David Proctor, of Eagle, said “it would seem that the healthier the company is, the more likely it is to thrive. That can only be good for Eagle County, right?”

Katz said that destination business to the Lake Tahoe region in general is “nowhere near as developed as in Colorado,” adding that Vail Resorts hopes to attract more destination business there. Destination guests — guests who fly in from out-of-state or internationally — typically stay longer and spend more and Vail Resorts has made it no secret that destination business is its most coveted.

Katz said the company’s presence in Lake Tahoe brings coordinated sales and marketing efforts that would help access more of that destination business.

Katz said there are many development opportunities at Kirkwood that Vail Resorts is committed to in the future, but said that development will depend on the real estate market.

“We believe there’s nice potential to develop the resort,” Katz said. “The focus now is about the skiing.”

There are no immediate plans for upgrades such as high-speed chair lifts or new on-mountain lodges, though, Katz said.

The acquisition news comes just a week after Vail Resorts announced a restructuring of its executive management, which included the addition of a president-international position that valley resident John Garnsey will assume. Garnsey said of the new gig that it could mean international acquisitions in the future, adding that he has been spending a lot of time in Japan, China, Europe and South America over the last year and a half.

— The Vail Daily is the Sierra Sun’s sister paper in Vail, Colo.

Squaw Valley Bought by Colorado-based private equity firm.

Squaw Valley Bought by KSL Capital Partners

Private equity firms continue to seek out prime real estate assets, often from distressed buyers.

By JONATHAN MARINONovember 24, 2010

KSL Capital Partners, the Colorado-based private equity firm, agreed to acquire California ski resort The Squaw Valley Development Co.

Based near Lake Tahoe in Northern California, Squaw Valley hosted the 1960 Olympic Winter Games. The deal is expected to close this year.

KSL, which makes travel and leisure investments, has had, or still has, stakes in properties including Grand Wailea Resort Hotel & Spa, Arizona Biltmore Resort & Spa, La Costa Resort and Spa, Doral Golf Resort & Spa, Hotel del Coronado, the Claremont Hotel Club & Spa, the San Francisco Bay Club and its sister clubs, and ClubCorp.

KSL’s Eric Resnick and Michael Shannon, founders and managing directors, worked on the transaction for the private equity firm.

The Cushing family, which owned an unspecified stake in the resort property, is making an exit likely ahead of an expected tax increase.

Private equity firms have made investments in distressed resort and property operations recently, as assets continue to rebound from valuation lows brought on in the recession. Some PE firms are still getting wiped out of resort and property deals they got into during far headier times. Sea Island Co. got a DIP loan from Oaktree Capital Management and Avenue Capital Group as the resort operator looks to rebound from bankruptcy. Oaktree also invested, alongside Vornado, in a stake in LNR Property Corp earlier this year.

Additionally, PE firms Permira, Cinven and Candover were wiped out of their investment in Gala Coral and the resort was turned over earlier this year to creditors Apollo Management, York Capital, Park Square and Cerberus.

 

World’s Best Ski Towns – National Geographic

Truckee continues to be in the spot light.  National Geographic put Truckee in the  top 25 ski towns in the world!  World’s Best Ski Towns – National Geographic.

Truckee is the place to be!

 

 

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