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KSL Resorts Begins New Phase of Operation

KSL Resorts, a leading luxury
resort owner and manager since 1992, has launched a new phase of
operations following its recent sale of six resorts to CNL Hotels &
Resorts, Inc., the nation’s second largest hotel real estate investment
trust. KSL, under the terms of long term agreements, will now manage three
of those marquee luxury resorts: Grand Wailea Resort Hotel & Spa (Maui,
HI), La Quinta Resort & Club (La Quinta, CA), and Arizona Biltmore Resort
& Spa (Phoenix, AZ). These new management agreements, effective August 18, 2004, mark an
important next step in the growth of KSL Resorts. While the company
currently owns interests in or operates such famous resorts as the Hotel
del Coronado in San Diego and La Costa Resort and Spa in Carlsbad, the
agreement to manage third-party owned properties signals a new phase of
development for KSL.

“This has been a tremendous year for KSL Resorts,” said Michael S.
Shannon, chief executive officer and co-founder of the company. “We are
delighted about our growing relationship with CNL and the opportunity to
continue our relationship with Grand Wailea, La Quinta, and the Arizona
Biltmore through these new management contracts. These agreements set the
stage for an exciting future for KSL, a time of growth secured through
acquisitions, joint ventures and management contracts.”

KSL is committed to operating stand-out properties with exceptional
recreational amenities, including golf and spa facilities. It will
continue to cater to the discerning guest who values the heritage and
culture of KSL resorts as well as the highest possible physical and
service standards.

“We believe the time is right for us to extend our focus to manage select
luxury properties on behalf of their owners,” Shannon added. “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.”

Situated on 40 manicured acres at the base of Maui’s Mount Haleakala, the
780-room Grand Wailea is a playground of golden sand beaches, elaborate
pools, grottos and waterslides. Its highly-regarded Spa Grande joins the
entire resort in winning regular awards from the country’s top travel
publications. The Grand Wailea is also remarkable for its luxurious
accommodations, including The Napua Tower, a 100-room boutique hotel
within the resort, expansive ocean views, a multi-million fine art
collection, and access to golf and tennis clubs. 


A landmark resort opened in 1926, La Quinta sits on 45 acres of orange,
lemon and grapefruit trees, towering palms and brilliant seasonal flowers
at the foot of Southern California’s Santa Rosa Mountains. Its 796 guest
rooms are housed in charming single and two-story Spanish-style casitas.
In 1993, La Quinta was merged with the PGA WEST country club community to
operate as one fully integrated resort famous for its nine award-winning
golf courses. The resort also boasts Spa La Quinta, and a plethora of
dining venues.