KSL Capital Partners, the US-based private equity company, has completed the acquisition of Outrigger Hotels & Resorts. But the Hawaii-based hospitality company said that it would be “business as usual” in terms of its operations.
The sale, which was first announced in November, includes Outrigger’s entire portfolio of 37 hotels, condominiums and vacation resort properties, covering Hawaii, Asia Pacific and the Indian Ocean. Outrigger had previously been owned by the Kelley family since it was founded in 1947.
Following the closure of the acquisition, Outrigger will continue operating as usual, with president & CEO W. David P. Carey leading the company’s current management team from its headquarters in Hawaii.
“Outrigger has built a unique portfolio of world-class hotels in remarkable destinations,” said Marty Newburger, partner at KSL. “We are honoured to have the opportunity to invest in Outrigger and further enhance its focus on providing exceptional, authentic and localised guest experiences.
“As we move forward with this new era for Outrigger, we are optimistic that it will continue global growth in iconic resort destinations and achieve even greater success,” he added.
Dr Charles Kelley, outgoing chairman of Outrigger and grandson of founders Roy and Estelle Kelley, commented; “It was truly our family’s privilege to lead Outrigger for seven decades as we grew in Hawaii. We are enthusiastic about the future of Outrigger under KSL’s ownership and believe we have placed it… in the right hands.”
Outrigger’s portfolio currently comprises 37 properties with approximately 6,500 rooms either operating or under development in Hawaii, Guam, Fiji, Thailand, Mauritius and the Maldives.