FOGG Alert – March 10, 2008

We have just received the following news from one of our supporters concerning the purchase of the Western Athletic Clubs, which also includes our Golden Gateway Tennis & Swim Club.  KSL Capital Partners (KSL), a leading private equity firm, today announced that it has acquired Western Athletic Clubs (WAC), the leading owner and operator of luxury private health, fitness, and athletic clubs and sports resorts on the West Coast.

Founded in 1977 by WAC’s President, Jim Gerber, WAC today operates nine premier facilities in the San Francisco and San Diego metropolitan areas, serving over 50,000 members.

Eric Resnick, Managing Director of KSL Capital, said: “WAC operates the finest collection of luxury health and wellness clubs on the West Coast, in markets with strong barriers to entry and strong demographic trends. WAC fits well within our target business sectors, provides a platform for future growth, and complements our existing investment in ClubCorp, the largest owner and operator of golf, country and business clubs in the world. We are very excited to be involved with WAC and its management team.”

Jim Gerber, WAC’s President said “We are very pleased to be joining the KSL family. With the resources we will be able to draw on from KSL, we are confident that we will be able to fulfill our mission for our members while expanding WAC into new markets.”
WAC’s facilities include:
The San Francisco Bay Club in San Francisco, California
The Bay Club/Bank of America Center in San Francisco, California
The Golden Gate Swim & Tennis Club in San Francisco, California
The Bay Club Marin in Corte Madera, California
The Courtside Club in Los Gatos, California
The Decathlon Club in Santa Clara, California
The Gym in Tiburon, California
The Pacific Athletic Club in Redwood Shores, California
The Pacific Athletic Club in San Diego, California

About KSL:
KSL Capital Partners is a private equity firm specializing in travel and leisure enterprises in five primary sectors: hospitality, recreation, clubs, real estate and travel services. KSL Capital Partners has offices in Denver, Colorado and London, England. For more information, please visit http://www.kslcapital.com.

How this will affect the future of GGT&SC, we do not know at this time, or what it portends for the proposed development at 8 Washington Street. We will keep you advised as soon as we have new information.

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