KSL Recreation Corp. To Buy Legendary La Costa Resort

SAN DIEGO— KSL Recreation Corp., owners and operators of a number of marquee resorts across the United States, has entered into an agreement to purchase the La Costa Resort and Spa in Carlsbad, CA. KSL, owner and operator of such luxury destination resorts as the Arizona Biltmore Resort & Spa in Phoenix and the Grand Wailea Resort Hotel & Spa on Maui, HI, plans to launch a major renovation of the world-famous 479-room property early in 2002, Michael Shannon, CEO of KSL announced. La Costa Resort and Spa is legendary among spa aficionados as well as professional and amateur golfers and tennis players. The resort, set on 400 acres in the coastal foothills north of San Diego, offers a full-service experience year-round. La Costa is fully equipped with two 18-hole golf courses, an expansive spa and a tennis center. For guests mixing business with pleasure, the resort offers meeting, convention, and banquet facilities. “La Costa Resort and Spa is the perfect addition to the KSL Recreation collection of distinctive resorts,” stated Scott Dalecio, president of the Resort Division for KSL. “The resort has a longstanding tradition of attracting leaders in business, sports figures, celebrities and those seeking a luxury getaway in the San Diego area. We consider ourselves fitting stewards of the La Costa Resort and Spa and are delighted to welcome it to our KSL family,” he added. The sale is expected to close later this month. Terms of the transaction were not disclosed.