Former Olympic Host Squaw Valley USA Sold

LAKE TAHOE (AP) – Owners of the Lake Tahoe-area ski resort that hosted the 1960 Winter Olympics have agreed to sell Squaw Valley USA to a Colorado-based investment firm pledging $50 million in improvements over the next five years.

Company officials told The Associated Press early Tuesday that KSL Capital Partners LLC has agreed to acquire the majority of the shares of the Squaw Valley Development Co.

Squaw Valley President Andy Wirth said the deal includes the ski operations, the Village at Squaw Valley and related real estate holdings.

Wirth says the price won’t be made public, but confirmed KSL agreed to $50 million in capital improvements over three to five years. He says the deal has the blessing of former president and CEO Nancy Cushing, widow of Squaw Valley founder Alex Cushing.

(© 2010 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

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