Mr Williamsburg, Revolutionary ideas on real estate!Hampton Roads Virginia

A resort management firm owned by Colorado billionaire Philip Anschutz has reached a deal to purchase Kingsmill Resort & Spa, Busch Properties Inc. announced Monday.

The sale, expected to close by next month, adds the prominent Williamsburg-area golf resort to Anschutz’s sprawling portfolio, which ranges from Regal Cinemas to the Los Angeles Lakers. Anschutz is the world’s 123rd-richest person with an estimated $6 billion of wealth, according to Forbes’ latest listing of the world’s billionaires.

With a fortune built on energy, he later invested in transportation, telecommunications, real estate, entertainment and sports.

Aside from a minority stake in the Lakers, he has become the patron of U.S. professional soccer, helping co-found Major League Soccer, owning at least two MLS teams and bringing English star David Beckham to play for his Los Angeles Galaxy. He also owns the National Hockey League’s Los Angeles Kings.

Through Anschutz Entertainment Group, he also owns venues where these teams and others play, including the Staples Center in Los Angeles. AEG also is a live concert promoter and backed Michael Jackson’s stillborn comeback.

In 2008, his Denver-based holding company, the Anschutz Company, bought Xanterra Parks & Resorts Inc., which is primarily known for operating concessions in national parks such as the Grand Canyon.

Xanterra is now acquiring Kingsmill.

Kingsmill is among the non-core assets that Belgian brewer InBev announced it planned to sell after purchasing Anheuser-Busch in 2008. Busch Properties had been marketing the resort since September.

In October, the company sold Busch Entertainment Corp. and its 10 amusement parks, including Busch Gardens and Water Country USA near Williamsburg. The theme park company was purchased by private equity firm Blackstone Group for $2.7 billion in a deal announced in October.

"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," Michael Taylor, president of Busch Properties, said in a news release. "Xanterra is widely recognized as an industry leader in park and resort hospitality, and we look forward to the company continuing the long-standing commitment to quality, service and stewardship that distinguishes Kingsmill."

InBev plans to keep Anheuser-Busch’s 12 breweries, including one in Williamsburg. That location employs about 870 people and, according to the company website, produces 297.6 million gallons of beer and malt liquor a year.

Xanterra is the largest concessioner with the National Park Service and a leader in the hospitality industry, managing resorts, lodges, restaurants, gift shops, tours and activities in national parks, state parks and destination resorts.  The company also is a leader in environmental stewardship, and its programs and accomplishments have resulted in numerous prestigious awards from the Department of the Interior, National Park Service, American Hotel & Motel Association and many other governmental agencies, tourism entities and environmental organizations.

"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."

When the sale is final, Xanterra will have bought a 422-room resort, six restaurants, a 16,991-square-foot conference center, a full-service spa and fitness center, marina and 15 tennis courts. Also part of the deal are the resort’s best known features — its three championship golf courses.

The golf courses have hosted 29 PGA and LPGA tour events, and until 2009 hosted the Michelob Championship women’s golf tournament. The $330,000 tournament ended its 22-season run when Anheuser-Busch pulled its sponsorship in September 2009.

The Kingsmill Resort golf courses have been recognized repeatedly by top golf publications and other entities, with the River Course, 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 to 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.

Busch will still manage the development and realty operations of the residential area. At a Board of Directors meeting last month, Kingsmill Community Services Association President Robin Carson announced Busch planned to end its management as of Dec. 31

Read more about Kingsmill in Williamsburg VA here

About Xanterra

Xanterra Parks & Resorts® (consisting of several affiliated Xanterra entities) operates lodges, restaurants and other concessions at national parks and state parks and resorts. Xanterra Parks & Resorts operates concessions in the following locations: Grand Canyon, Yellowstone, Zion, Crater Lake, Death Valley, Rocky Mountain and Petrified Forest National Parks, Mount Rushmore National Memorial, and eight Ohio State Park Lodges as well as the Geneva Marina at Ohio’s Geneva State Park. Xanterra Parks & Resorts also operates the Grand Canyon Railway in Williams, Arizona.
Xanterra Parks & Resorts has been committed to the preservation and protection of the environment for many years. Through its environmental program, "Ecologix," Xanterra Parks & Resorts has been recognized repeatedly for environmental leadership in the hospitality industry and is the recipient of many honors.
For more information about Xanterra Parks & Resorts, links to individual properties and reservations numbers, visit www.xanterra.com.

Filed under: Kingsmill, Williamsburg Neighborhoods |