St. Louis--Busch Properties, owner of the Kingsmill Resort & Spa in Williamsburg, Va., has reached an agreement to sell Kingsmill to Denver-based Xanterra Parks & Resorts, a wholly owned subsidiary of The Anschutz Company. The two entities expect the sale to be completed by August 2010 with Xanterra assuming ownership and management of the resort immediately after closing. Terms of the deal were not disclosed.
“Since first announcing our intent to sell Kingsmill, our goal has been to find a buyer that will enhance the long-term value of the resort and maintain the Kingsmill assets as a premier resort property,” said Michael Taylor, president of Busch Properties, Inc. “After a lengthy and thorough search process, I am pleased to announce we have far exceeded those expectations in a buyer that is the perfect fit for this exceptional property. Xanterra is widely recognized as an industry leader in park and resort hospitality, and we look forward to the company continuing the longstanding commitment to quality, service and stewardship that distinguishes Kingsmill.”
Kingsmill Resort & Spa includes 422 rooms; six restaurants; a 16,991-square-foot conference center; full-service spa and fitness center; marina; and 15-court tennis center. The resort is also widely known for its three award-winning championship golf courses and its executive nine-hole course. The Kingsmill Resort golf courses have been recognized repeatedly by top golf publications and other entities, with the River Course, which has served as host to 29 PGA and LPGA tour events, being named one of the "Top 10 Golf Courses in Virginia." The Plantation Course was named one of the “Top 10 Best Courses for Women” by Golf for Women Magazine, and the Woods Course was named one of “America’s Best Resort Courses.”
“Kingsmill is one of the country’s premier resorts, and we are very excited to acquire such a high-caliber resort that complements our existing portfolio of properties and is consistent with the expansion of our company,” said Andrew Todd, Xanterra president and CEO. “We greatly respect Busch Properties’ longstanding commitment of excellence in connection with the resort and the surrounding community, and we will build on that tradition. We place great value in the employees, condominium owners, members and the resort’s other tremendous assets and look forward to being part of this prestigious property.”
“Our evaluation of the resort began with the hiring of commercial real estate broker CB Richard Ellis last September to explore a potential sale, and as we reach the culmination of this process we are very excited about the future of the resort and the community,” Taylor said.
This sale will not affect BPI's realty or development operations or its role within the Kingsmill Community Services Association Board of Directors.
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