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20 Jan 2002: The Olympic Flame burns in front of the 1960 Winter Olympic Flame during the 2002 Salt Lake Olympic Torch Relay in Squaw Valley, California. DIGITAL IMAGE. Mandatory Credit: Todd Warshaw/Pool/Getty Images
The new owner says it will spend $50 million on improvements in the next five years.
Squaw is one of the jewels of the Sierra. It's known as a high end resort for serious skiers who like to spend money. It was also home to the 1960 Olympic Winter Games. The flame still burns at both sides of the entrance into the valley.
Squaw Valley was founded in 1949 by Alexander Cushing who started with one chair lift and one tow rope. Just 11 years later, the eyes of the world focused on those same slopes as Olympic gold was found in the California hills.
Nancy Cushing, Squaw Valley USA Chairman of the Board, said Tuesday it was "Alex’s dream was to create a world-class, four-season destination resort in one of the most beautiful places in the world." Squaw fans would say he did that and then some, but Nancy Cushing added that the sale would result in the culmination of that dream because it will provide the necessary resources to ensure Squaw’s continued success for generations to come.
The news release , KSL Capital Partners has entered into an agreement to acquire basically all of the shares of The Squaw Valley Development Company, which includes all facets of Squaw Valley USA ski operations, the Village at Squaw Valley and related real estate holdings.
The sale follows the recent purchase of Northstar by Vail Resorts, which also owns Heavenly.
The sale price was not disclosed. The transaction is expected to close prior to the end of the year.