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Mid-Atlantic Inside intel says Camelback PA is being purchased by KSL

4aprice

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Man this is driving me crazy. Some news please CBK. Do I need 2 passes like last year or will Ikon do? Getting my western plans settled no matter what but some clarification would be appreciated.
 

Jane Jones

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Agreed. This is so odd. Liquor license posting says KSL is transferring license because of "new ownership".

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Wendy

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So, here is what I found out about Camelback:

KSL purchased everything, except for 2 restaurants, for $248 million.
They plan to stay on the Camelback pass for this year.
 

Wendy

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So, here is what I found out about Camelback:

KSL purchased everything, except for 2 restaurants, for $248 million.
They plan to stay on the Camelback pass for this year.

Oh, but wait...there is more. Camelback was losing money on payroll, so KSL did a lot of consolidation (marketing, etc). They also required all Camelback employees to take a drug test - and 400 of them failed - so there were firings.

Rumor is going around that they are going to level the existing lodge and build a “grand lodge” - but that is just rumor at this point.
 

Wendy

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I think you and others are a little confused - KSL Resorts operates/owns Camelback, which is nothing new, while KLS Capital Partners is the co-owner of Alterra along with Henry Crown & Co.

THIS.
They are two different companies. Look up the websites. I don’t know how I originally missed this. Sorry, @LKLA !
So, while my post about Camelback’s purchase and firing of 400 employees is correct, what is NOT correct is that the purchaser is KSL Capital Investments. It is KSL Resorts, which owns a bunch of beachfront properties in Honolulu, etc. which is why @Jenny ‘s post about the purchase on Macinack Island makes sense.
 

Jenny

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THIS.
They are two different companies. Look up the websites. I don’t know how I originally missed this. Sorry, @LKLA !
So, while my post about Camelback’s purchase and firing of 400 employees is correct, what is NOT correct is that the purchaser is KSL Capital Investments. It is KSL Resorts, which owns a bunch of beachfront properties in Honolulu, etc. which is why @Jenny ‘s post about the purchase on Macinack Island makes sense.
Accidentally, lol! I honestly didn't look past the letters KSL.
 

dbostedo

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So, here is what I found out about Camelback:

KSL purchased everything, except for 2 restaurants, for $248 million.
They plan to stay on the Camelback pass for this year.

$248 million can't possibly be right, can it? Camelback was sold for about $70 million in 2013. I doubt it's appreciated that much.

Even accounting for properties, waterpark, lodging, etc. that sounds like a very high number for a small, though busy, resort. Given that Whistler was $1B (or less than 4 times as much) just a couple of years ago. And that Jay Peak is looking at getting something like 1/4 to 1/2 of that (though there are other issues there).
 

Wendy

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$248 million can't possibly be right, can it? Camelback was sold for about $70 million in 2013. I doubt it's appreciated that much.

Even accounting for properties, waterpark, lodging, etc. that sounds like a very high number for a small, though busy, resort. Given that Whistler was $1B (or less than 4 times as much) just a couple of years ago. And that Jay Peak is looking at getting something like 1/4 to 1/2 of that (though there are other issues there).

That number was given to me by a few people in the know who live in the area and have a lot of contacts within Camelback. Still, it doesn’t mean that it is correct. Like you, I can’t imagine there was that much appreciation. But, wasn’t 2013 before the construction of the lodge and it’s indoor waterpark? Anyways, I am the least qualified person to present facts of this nature, I just am reporting what I was told. ogsmile

I find the whole thing confusing. Are KSL Resorts and KSL Capital Investments related, or not?
 

dbostedo

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I find the whole thing confusing. Are KSL Resorts and KSL Capital Investments related, or not?

Based on some Googling, it appears that KSL Resorts is a closely tied, but separate, company that manages some of KSL Capital Investments holdings, including some Alterra resorts.
 

MarkP

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So, here is what I found out about Camelback:

KSL purchased everything, except for 2 restaurants, for $248 million.
They plan to stay on the Camelback pass for this year.

Bummer, if true, that Camelback won't be on the Ikon pass. That would have been a reasonable break point for a partial day of skiing heading out and returning for a VT/NH road trip from Maryland.
 

Wendy

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Bummer, if true, that Camelback won't be on the Ikon pass. That would have been a reasonable break point for a partial day of skiing heading out and returning for a VT/NH road trip from Maryland.

Well, they won’t be on the Ikon pass this year, is what I am told. It remains to be seen what will happen next year.
 

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