KSL Capital Partners, a US-based private equity firm, has agreed to acquire Outrigger Hotels & Resorts.
The deal will see the entire Hawaii-based company sold to KSL, including its portfolio of 37 hotels, condominiums and vacation resort properties. This global collection includes approximately 6,500 rooms located in Hawaii, Guam, Fiji, Thailand, Mauritius and the Maldives.
The value of the deal was not revealed and the transaction is still subject to shareholder approval.
“As one of the world’s leading investors in hospitality, KSL has the capital capacity to elevate Outrigger to the next level – infusing additional resources into our current assets and helping to accelerate our long-term growth goals,” said W. David P. Carey, president & CEO of Outrigger Enterprises Group. “Without question, this is an exciting time for Outrigger; our brand has never been stronger and it is with enthusiasm that we look forward to the advantages that this transaction will create for our valued hosts, guests and communities we serve.”
The acquisition marks the end of an era for Outrigger, which has been run by the Kelley family since it was founded in 1947.
“Our family is humbled to have had the privilege of leading this company for nearly 70 years and to have worked with some of the best in the industry. We have a responsibility to make strategic decisions today that put our company on the best path for future success; we are confident that KSL will make Outrigger more resilient in today’s global hospitality market,” said Dr Charles Kelley, chairman of Outrigger Enterprises Group.
KSL did not reveal its plans for Outrigger, but partner Marty Newburger said that the two companies’ “values are aligned” and that KSL will “continue the strong tradition that the Kelley family has built”.
Outrigger’s current management team will continue to lead the company and the company’s headquarters will remain in Honolulu.