Skiers and riders heading to Squaw Valley resort at Lake Tahoe will discover a $50 million makeover courtesy of the resort's new owners, KSL Capital Partners. $15 million is earmarked for the season beginning in a few months. Former Vail President and CEO Mike Shannon leads KSL Capital Partners. It is a private-equity firm in Denver, Colo. that took over the 4,000-acre resort last spring from the family of Alexander Cushing.

Cushing founded the resort in 1949 and put it on the map by successfully hosting the 1960 Winter Olympic Games, the first to be televised. Cushing stunningly won the bid away from heavily favored Innsbruck. Highlight of those Games was the hockey victory by the United States over Russia at the height of the Cold War. Walt Disney personally directed all the pageantry.

"Squaw Valley is an incredible and diverse mountain, and we are committed to honoring every aspect of the mountain's history, legacy, and legend," said Squaw Valley President and CEO Andy Wirth.

On mountain improvements guests will see this year include terrain parks, new grooming machines, and an Upper Funitel Terminal. New skier services will include new Salomon rental fleet, day lodge and family recreation center, central reservations platform, and sales and services center. New information boards, trail names, and mountain map, and on-mountain signage are included.

Food and beverage plans include a new village restaurant and bar, revitalized KT-Sundeck at Olympic House, Bar One Lounge at Olympic House, Top of the Funitel Market and Café, and Wildflour at Olympic House.