La Quinta-based KSL, which owns eight other luxury resorts nationwide, is attempting to keep La Costa competitive with its Carlsbad neighbor, Four Seasons Aviara, and other luxury resorts. Other KSL resorts include Doral Golf Resort in Miami and the five-star Arizona Biltmore in Phoenix.
According to SEC documents, KSL paid $120 million for La Costa, less than half the $250 million that former owner La Costa Corp. paid in 1987, and is now reviewing plans to bring the aging property back into shape at a time when the travel industry has softened due to Sept 11.
KSL plans to spend up to $70 million on capital improvements at its resorts this year, according to SEC documents. All 479 rooms at La Costa are expected to be renovated by the end of the year.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
