News
Summer Squaw rumors to fruition... Village acquired by Cushings from broke Intrawest
Squaw
In the winter of 2002, the popular line of thinking was that skin-in/ski-out 'skiealestate' juggernaut Intrawest would open its Village @ Squaw only to make a serious play to take over the Cushing-family owned Squaw Valley USA ski hill — perhaps the most storied, if not run-on-a-shoestring-budget resort in the West.
What a difference a half-decade makes.
Last August, rumors surfaced that the Cushing Family was pretty much taking over the Village from Intrawest ULC— the Vancouver-based ski-resort operator owned by private-equity firm Fortress Investment Group LLC, which missed a $524 million payment on a $1.4-billion loan in late December.
The Canada-based resort operator is continuing negotiations with its lenders through the Vancouver Games but is now in default.
During the halcyon days before being taken over by Fortress in 2006 for $1.8 billion (incl. assumption of more than $950 million in debt), Intrawest opened its Village at Squaw Valley (phase one) in February, 2002 and (phase two) in December, 2003.
Squaw Village was originally slated to be five phases, taking over much of the parking lot(s) you see today. The Village's first two phases have always struggled and neither retail nor restaurant nor residential have completely sold out.
In spite of this, the Cushing family now feels they have a new(ish) facility to ...run on a shoestring:
“We are very pleased to integrate the Village at Squaw Valley with our own operations," said Squaw CEO Nancy Cushing. "The acquisition of the Village represents an exciting and greatly anticipated opportunity."
Squaw Valley Ski Corp will oversee all of the day-to-day operations of The Village at Squaw Valley in addition to their current ownership of the on-mountain operations at the ski resort, Squaw Valley USA, a press release said.
All 2009-2010 winter vacation reservations will be honored, and vacation packages and homeowner information will continue to be available at http://www.thevillageatsquaw.com
Squaw Corp. did not announce whether there'd be layoffs in the Village:
“Squaw Valley USA and Intrawest are working closely together to ensure a smooth transition for stakeholders, team members and visitors to our unique mountain resort and to expand its environmental stewardship to these new facilities,” Cushing said.
First Friday at Brickelltown is back... just in time for fall
9/02/10, 8:18 am, By Alanna Hughes
- 4 p.m. Friday in Brickelltown
- Bring your cruiser bike (cheaper/better peeps than Burning Man)
Ski Porn season kicks off at Squaw Sept. 18 with Standard premiere
8/31/10, 9:22 pm, By S. Cowley
- North Shore-based snowboard heavies preimere 'The Storming' Saturday, Sept. 18
- Monster'll be there too...
Sorry Burning Man - it's all about the Ski Loft Tent Sale
8/30/10, 7:52 pm, Staff Report
- 8 a.m. Friday
- Bring all your pennies... (what's left of 'em)
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-Basin Bargain Basement - The bargain of bargains
8/29/10, 8:59 pm, By A. Pridgen
- $105k for starter condo in KB
- Yes, we toured a similar unit in '06 for more than $300k ...actually, maybe it WAS this unit
Bomber pre-season ski sales from local manufacturers
8/25/10, 7:50 am, Staff Report
- From Praxis Powderboards to Moment Rubys ...to a surprise entry
- It's time to buy local... buy new
Skiing is no more
8/22/10, 11:47 am, Staff Report
- RIP Skiing Magazine
- ...Are you next, SKI?
Date set for 7th annual Downtown Truckee Wine Walk And Shop
8/22/10, 9:25 am, Switchback PR
- Filling up that fall calendar yet?!
- Well, here's where to start
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-Squaw to host SATELite Festival in September
8/22/10, 7:28 am, By A. Richmond
- New outdoor(ish) event pronounced 'satellite' ...not 'Sate-lite' like we orig. thought
- ...Not 100 percent sure what it is — but ncludes wine, so we'll be there
Tahoe Mountain Sports gets you warm for Ski Loft tent sale
8/20/10, 6:44 pm, By Lis Korb
- First come tent sales... then ski porn premiers
- Then (gulp) snow... are you ready?!
Legendary Incline bear featured in WSJ
8/18/10, 8:31 pm, Staff Report
- Free BUBBA
- That's right - It's our fault... not the bear's... but is that what the Journal thinks?!
Trail Building Backcountry Camps
8/17/10, 8:49 pm, TRTA
- Get on those trails
- ...and get your build on Saturday and Sunday (and again Labor Day weekend)
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-Win an iPad from IVGID
8/15/10, 7:03 pm, Staff Report
- Golf, ski, beach, compute
- repeat
Squaw creates new top marketing position... sale rumors spark again
8/10/10, 8:18 pm, Staff Report
- Wait, Squaw CREATED a position...
- Ok, something's definitely going down... (25-year industry vet Scott Clarkson tapped as VP of Marketing and Sales)
Jim's trip ...halfway... round The Rim
8/07/10, 1:16 pm, By. A. Pridgen
- Hammerel raises triple his goal amt. to benefit the TRT
- ...and tears up his knee
Volunteer trail-building workdays with the Tahoe Rim Trail Association
8/05/10, 7:45 am, TRTA
- You heard about Jim Hammerel's mission to speed-traverse the TRT
- Now you can pitch in too
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-Goodbye Norm
8/03/10, 8:08 pm, By A. Pridgen
- The Godfather of Incline, Norm Rosenberg, passes - he was 92
- Incline's left-leaning champion leaves legacy ...starting with the library
Test drive a Tesla... before it's too late
8/01/10, 9:30 pm, By A. Pridgen
- Tesla, the Palo Alto-based electric car company has gone through more than $300 million VC $
- ...but still hasn't tapped into Uncle Sam's reserves for the Model S - go check it out at the Hyatt
Sugar Bowl dining room and Belt Room Bar open for business
7/30/10, 10:22 am, By John Monson
- Good grub, great views
- And nothing beats Belt Room post PCT
Ultimate Frisbee - ultimate course
7/27/10, 8:56 pm, By A. Richmond
- Squaw opens disc golf course
- Signature hole (no. 4) has 1080' downhill... wow
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-Squaw's MTB park open for first time since '03
7/23/10, 7:22 pm, By Amelia Richmond
- 2k feet of single-track
- 'K, we're in
Remembering Kenny Guinn
7/22/10, 10:08 pm, Staff Report
- The man who created the Milennium Scholarship and SNPLMA passed away Thursday
- Guinn, who oversaw Nevada during its most prosperous years, was 73
Lokal boy makes good - former PlumpJack star Edge shines in Sonoma
7/20/10, 6:23 pm, By A. Pridgen
- Rick Edge takes saucy edge down to downtown Sonoma
- Lokal is the (new) place to be and PlumpJack alum makes it so
Tahoe skier visits were estimated to be up 17 percent last winter
7/19/10, 8:40 am, Staff Report
- Numbers of skiers on the hill increased - but overall spending stayed modest
- Cheap passes the plan again for 2010-'11
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-Cushing steps down from Squaw post ...rumors of sale sparked
7/13/10, 6:06 pm, Staff Report
- Former Intrawest exec takes over
- ...Rumor mill turning overtime: is Cushing family getting ready to bounce?
TRPA's Asian clam bake
7/11/10, 9:19 pm, By Jeff Cowen
- $1.4 million effort to eradicate invasive species from the lake...
- And it involves (no joke) laying a rubber mat on the lake's floor... hi-tech
Kids' zip line at Squaw ...Boo ya
7/08/10, 5:12 pm, By A. Richmond
- KT zip line
- What about for the grown-ups?!
Just like that ...red flags are up
7/06/10, 6:22 pm, Staff Report
- Three-year anniversary of Angora looms ever-present
- Thunderstorms Wednesday/Thursday portend danger
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-Nevada County approves PR firm's contract the same week it OKs budget cuts
6/30/10, 9:19 pm, Staff Report
- Wait a minute - you're saying Tahoe will spend more than a million dollars this year on, sloganeering...
- Meantime, budget cuts include child care, welfare-to-work and MediCal programs ...nice
Truckee's Lautner drops a PCT hiking book
6/28/10, 8:55 pm, Staff Report
- 32 eco-friendly trips on the Sierra stretch of the PCT ...with GPS coordinates
- Two thumbs up - pick it up...
Lake Tahoe Based Russian-American Partnership turns 20
6/24/10, 11:27 am, By TBI
- Tahoe-Baikal Institute celebrates two decades of watershed protection and cultural exchange
- Political and economic ups and downs notwithstanding
Tour de Nez photo gallery
6/22/10, 8:20 pm
- The weekend that was from Reno to Northstar
- And lots of Nash
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-Rebuild the Rim Trail every summer Saturday
6/11/10, 9:07 pm, TRTA
- Start summer right by giving your most precious gift
- ...Your time
TRPA tries to clarify
6/01/10, 8:30 pm, By Dennis Oliver
- So, what, if anything, does this have to do with Boulder Bay?!
- ...More importantly how 'bout that casino (strip club?) corridor...
Opinion ...TRPA ensures Tahoe times they area a-changin'
5/22/10, 8:35 pm, By Ann Nichols
- Density to increase under proposed TRPA regional plan
- But, will they build it (or will they come?)
TAUs on the table from TRPA
5/14/10, 10:08 pm, Staff Report
- If you don't understand the headline
- ...Go the the May 26 meeting and you'll see puh-lenty
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-Cal Neva now in TRPA doghouse
5/09/10, 6:49 pm, Staff Report
- TRPA will handle foreclosed property with kid gloves over more than a decade of flunking its eco report card
- Time to blow everything up but the casino floor, Sinatra Showroom, the lakefront cabins and the Indian Room
Celebrate National Trails Day with the Tahoe Rim Trail
5/06/10, 5:33 pm, TRTA
- Build a trail
- ...Get a free lunch
Save Martis Valley - one click at a time
5/04/10, 7:13 pm, By Renee Deinken
- Well, it's not like Martis Valley is in any danger of getting developed by broke-ass East/West
- ...But still good to preserve; Check out the new site
LTVA spends almost a mil. on slogan ending in preposition
5/02/10, 8:21 pm, By A. Pridgen
- That's right, your new slogan to lure Affliction-wearing d-bags to Stateline's new strip club
- ...'Get your vacation on' (ohh noo). Inside: Our five (free) slogan suggestions ...Holla
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-Cost of doing nothing too high for Tahoe
4/29/10, 8:22 pm, By Joanne Marchetta
- If you can make it through TRPA director's tome...
- We'll have resident feedback for you Friday
No downhill slide for Diamond Peak
4/09/10, 7:00 am, Staff Report
- While others founder
- ...DP in the black and breaking ground on new $4 million admin/ticket/locker/child ski center building
Foreclosed Cal Neva casino goes dark ...for good
3/24/10, 10:32 pm, By A. Pridgen
- One year after 'no-sale' at a foreclosure auction and interim management team shuts down Nevada's most legendary casino
- ...Sad, sad day... Casino doors to shut March 31 - rest of Basin gaming on life support
And yes ...the KB roundabouts were originally scheduled to be complete this summer
1/27/10, 9:35 pm, Staff Report
- Tahoe Regional Planning Agency board votes unanimously (again) to approve three-lane/roundabouts in KB
- ...Yes, you've heard that (here) before
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