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Hersha Hospitality Trust to be Acquired by KSL Capital Partners
Hersha Hospitality Trust to be Acquired by KSL Capital Partners
Hersha common shareholders to receive $10.00 per share in cash, a 60% premium to prior closing price
Provides shareholders with immediate and certain value at a substantial premium
PHILADELPHIA and DENVER, Aug. 28, 2023 (GLOBE NEWSWIRE) -- Hersha Hospitality Trust (NYSE: HT) (“Hersha” or the “Company”), owner of luxury and lifestyle hotels in coastal gateway and resort markets, and KSL Capital Partners, LLC (“KSL”), a leading investor in travel and leisure businesses, today announced a definitive merger agreement, entered into on August 27, 2023, under which affiliates of KSL will acquire all of the outstanding common shares of Hersha for $10.00 per share in an all-cash transaction valued at approximately $1.4 billion. The purchase price represents a premium of approximately 60% over Hersha’s closing share price on August 25, 2023, the last full trading day prior to this announcement.
Mr. Jay H. Shah, Hersha’s Executive Chairman, stated: “This transaction provides our shareholders with immediate and certain value at a substantial premium to our public valuation. Following a multi-year comprehensive review by the independent Transaction Committee of Hersha’s Board of Trustees, the Board and management team are confident this step will allow us to deliver value for our shareholders while refocusing on growing the business over a longer period of time.”
Mr. Neil H. Shah, Hersha’s Chief Executive Officer, added: “We are proud of the work our team has done to build on Hersha’s culture and capabilities and make the company what it is today. This transaction is a result of our deliberate actions to focus on key gateway markets and lifestyle and leisure properties, as well as our work to create a concentrated portfolio consisting of some of the highest quality hotels in their respective markets.”
Mr. Marty Newburger, Partner at KSL, stated: “Hersha and its team have built an impressive, curated portfolio of experiential luxury and lifestyle hotels and resorts in strategic markets. With KSL’s extensive track record investing in high-quality assets in dynamic metropolitan markets across North America and around the world, we are uniquely suited to position the business for further success over the long term.”
Transaction Details
Under the terms of the merger agreement, which has been unanimously recommended by the independent Transaction Committee of Hersha’s Board of Trustees and unanimously approved by Hersha’s full Board of Trustees, Hersha shareholders will receive $10.00 in cash for each common share they own, and holders of Hersha’s 6.875% Series C Cumulative Redeemable Preferred Shares, 6.50% Series D Cumulative Redeemable Preferred Shares and 6.50% Series E Cumulative Redeemable Preferred Shares will receive $25.00 in cash, plus any accrued and unpaid dividends to which they are entitled, for each preferred share they own. The transaction is expected to close in the fourth quarter of 2023, subject to customary closing conditions, including approval by the holders of a majority of Hersha’s outstanding common shares as set forth in the merger agreement. Certain members of Hersha’s executive management team and certain of their affiliated trusts have signed separate voting agreements under which they agreed to vote certain Hersha shares controlled by each of them in support of the proposed transaction. Subject to and upon completion of the transaction, Hersha’s common shares and preferred shares will no longer be listed on any public securities exchange.
Advisors
Goldman Sachs & Co. LLC is serving as exclusive financial advisor and Latham and Watkins LLP and Venable LLP are serving as legal advisors to the Transaction Committee of Hersha’s Board of Trustees. Hunton Andrews Kurth LLP is serving as legal advisor to Hersha. Wells Fargo and Citigroup are serving as financial advisors and Simpson Thacher & Bartlett LLP and Miles and Stockbridge P.C. are serving as legal advisors to KSL. Additionally, Wells Fargo and Citigroup provided a debt financing commitment to KSL in connection with the transaction.
About Hersha Hospitality Trust
Hersha Hospitality Trust (HT) is a self-advised real estate investment trust in the hospitality sector, which owns and operates luxury and lifestyle hotels in coastal gateway and resort markets. The Company’s 25 hotels totaling 3,811 rooms are located in New York, Washington, DC, Boston, Philadelphia, South Florida, and California. The Company’s common shares are traded on The New York Stock Exchange under the ticker “HT.” For more information on the Company, and the Company’s hotel portfolio, please visit the Company's website at www.hersha.com.
About KSL Capital Partners
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 has offices in Denver, Colorado; New York City; Stamford, Connecticut; and London, England. Since 2005, KSL has raised in excess of $21 billion of capital across its equity, credit and tactical opportunities funds. KSL’s current and past portfolio contains some of the premier properties in travel and leisure. For more information, please visit www.kslcapital.com.
Additional Information and Where to Find It
In connection with the proposed transaction, the Company plans to file relevant materials with the SEC, including a proxy statement on Schedule 14A. Promptly after filing its definitive proxy statement with the SEC, the Company will mail the definitive proxy statement and a proxy card to each shareholder entitled to vote at the special meeting relating to the proposed transaction. INVESTORS AND SECURITY HOLDERS OF THE COMPANY ARE URGED TO CAREFULLY READ THE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO AND ANY DOCUMENTS INCORPORATED BY REFERENCE THEREIN) AND ANY OTHER RELEVANT DOCUMENTS IN CONNECTION WITH THE TRANSACTION THAT THE COMPANY WILL FILE WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND THE PARTIES TO THE TRANSACTION. The definitive proxy statement, the preliminary proxy statement, and any other relevant materials in connection with the transaction (when they become available) and any other documents filed by the Company with the SEC, may be obtained free of charge at the SEC’s website at www.sec.gov or by accessing the Investor Relations section of the Company’s website at https://www.hersha.com.
Participants in the Solicitation
The Company and its trustees and certain of its executive officers may be deemed, under SEC rules, to be participants in the solicitation of proxies from the Company’s shareholders with respect to the proposed transaction. Information about the Company’s trustees and executive officers and their interests in the Company’s securities is set forth in the Company’s proxy statement on Schedule 14A for its 2023 annual meeting of shareholders, filed with the SEC on April 13, 2023, and subsequent documents filed with the SEC.
Additional information regarding the identity of participants in the solicitation of proxies, and a description of their direct or indirect interests in the proposed transaction, by security holdings or otherwise, will be set forth in the proxy statement and other materials to be filed with the SEC in connection with the proposed transaction when they become available.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, without limitation, statements containing the words, “believe,” “expect,” “anticipate,” “estimate,” “plan,” “continue,” “intend,” “should,” “may,” “could,” “will,” “would,” “forecast,” “project,” “potential,” “likely,” or the negative of these words and words of similar import. Such forward-looking statements relate to future events, the Company’s plans, strategies, prospects and future financial performance, and involve known and unknown risks that are difficult to predict, uncertainties and other factors that are, in some cases, beyond the Company’s control and which could materially affect its actual results, performance or achievements or industry results to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Readers should specifically consider the various factors identified in this press release and other reports filed by the Company with the SEC, including, but not limited to those discussed in the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Conditions and Results of Operations” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 and the Company’s subsequent periodic reports filed with the SEC that could cause actual results to differ.
Statements regarding the following subjects are forward-looking by their nature: the Company’s business or investment strategy; the Company’s projected operating results; the Company’s ability to generate positive cash flow from operations; the Company’s distribution policy; the Company’s liquidity and management’s plans with respect thereto; completion of the proposed transaction; the Company’s ability to maintain existing financing arrangements, including compliance with covenants and its ability to obtain future financing arrangements or refinance or extend the maturity of existing financing arrangements as they come due; the Company’s ability to negotiate with lenders; the Company’s understanding of its competition; market trends; projected capital expenditures; the impact of inflation and the change in interest rates; the potential effects of a pandemic or epidemic; the supply and demand factors in the Company’s markets or sub-markets, or a potential recessionary environment; the Company’s access to capital on the terms and timing expected; the restoration of public confidence in domestic and international travel; permanent structural changes in demand for conference centers by business and leisure clientele; and the Company’s ability to dispose of selected hotel properties on the terms and timing expected, if at all.
Forward-looking statements are based on the Company’s beliefs, assumptions, projections and expectations, taking into account all information currently available. These beliefs, assumptions, projections and expectations are subject to numerous known and unknown risks, uncertainties, assumptions and changes in circumstances, many of which are beyond the Company’s control, and which can change as a result of many possible events or factors, not all of which are known to the Company. If a change occurs, the Company’s business, financial condition, liquidity and results of operations may vary materially from those expressed in forward-looking statements. Readers should not place undue reliance on forward-looking statements.
Important factors that the Company thinks could cause actual results to differ materially from expected results are summarized below. New factors emerge from time to time, and it is not possible for the Company to predict which factors will arise. In addition, the Company cannot assess the impact of each factor on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.
The following non-exclusive list of factors could also cause actual results to vary from our forward-looking statements: the ability to complete the proposed transaction on the proposed terms or on the anticipated timeline, or at all, including risks and uncertainties related to securing the Company’s shareholder approval and satisfaction of other closing conditions to consummate the proposed transaction; the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement relating to the proposed transaction; risks that the proposed transaction disrupts the Company’s current plans and operations or diverts the attention of the Company’s management or employees from ongoing business operations; the risk of potential difficulties with the Company’s ability to retain and hire key personnel and maintain relationships with third parties as a result of the proposed transaction; the failure to realize the expected benefits of the proposed transaction; the risk that the proposed transaction may involve unexpected costs and/or unknown or inestimable liabilities; the risk that the Company’s business may suffer as a result of uncertainty surrounding the proposed transaction; the risk that shareholder litigation in connection with the proposed transaction may affect the timing or occurrence of the proposed transaction or result in significant costs of defense, indemnification and liability; effects relating to the announcement of the transaction or any further announcements or the consummation of the transaction on the market price of the Company’s common shares; general volatility of the capital markets and the market price of the Company’s common shares; changes in the Company’s business or investment strategy; availability, terms and deployment of capital; changes in the Company’s industry and the market in which it operates, interest rates, or the general economy; decreased international travel because of geopolitical events, including terrorism and current U.S. government policies such as immigration policies, border closings, and travel bans related to COVID-19; widespread adoption of teleconference and virtual meeting technologies could reduce the number of in person business meetings and demand for travel and the Company’s services; uncertainty surrounding the financial stability of the United States, Europe and China; the degree and nature of competition; financing risks, including (i) the risk of leverage and the corresponding risk of default on the Company’s mortgage loans and other debt, including default with respect to applicable covenants, (ii) potential inability to obtain waivers of covenants or refinance or extend the maturity of existing indebtedness and (iii) the Company’s ability to negotiate with lenders; levels of spending in the business, travel and leisure industries, as well as consumer confidence; declines in occupancy, average daily rate and RevPAR and other hotel operating metrics; hostilities, including future terrorist attacks, or fear of hostilities that affect travel; financial condition of, and relationships with, the Company’s joint venture partners, third-party property managers, and franchisors; increased interest rates and operating costs and the impact of inflation; ability to complete development and redevelopment projects; risks associated with potential dispositions of hotel properties; availability of and the Company’s ability to retain qualified personnel; decreases in tourism due to pandemics, geopolitical instability or changes in foreign exchange rates; the Company’s failure to maintain its qualification as a real estate investment trust, under the Internal Revenue Code of 1986, as amended; environmental uncertainties and risks related to natural disasters and increases in costs to insure against those risks; changes in real estate and zoning laws and increases in real property tax rates; the uncertainty and economic impact of pandemics, epidemics, or other public health emergencies or fear of such events, and the measures that international, federal, state and local governments, agencies and/or health authorities may implement to address such events, which may have adverse effects on the Company’s financial conditions, results of operations, cash flows, and performance for an indefinite period of time; world events impacting the ability or desire of people to travel, which may lead to a decline in demand for hotels; and the factors discussed in Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and in other reports the Company files with the SEC from time to time.
These factors are not necessarily all of the important factors that could cause our actual results, performance or achievements to differ materially from those expressed in or implied by any of our forward-looking statements. Other unknown or unpredictable factors, many of which are beyond our control, also could harm our results, performance or achievements.
All forward-looking statements contained in this press release are expressly qualified in their entirety by the cautionary statements set forth above. Forward-looking statements speak only as of the date they are made, and the Company disclaims any obligation to update publicly any of these statements to reflect actual results, new information, or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws. If the Company updates one or more forward-looking statements, no inference should be drawn that the Company will make additional updates with respect to those or other forward-looking statements.
Contacts
Hersha Hospitality Trust
FGS Global
Stephen Pettibone / Claire Keyte
hersha@fgsglobal.com
KSL Capital Partners
Jon Keehner / Kate Thompson / Erik Carlson
Joele Frank, Wilkinson Brimmer Katcher
KSL-JF@joelefrank.com
+1 (212) 355-4449
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KSL Capital Partners Acquires a Majority Interest In Sereno Hotels
KSL CAPITAL PARTNERS ACQUIRES A MAJORITY INTEREST IN SERENO HOTELS
KSL CAPITAL PARTNERS ACQUIRES A MAJORITY INTEREST IN SERENO HOTELS
The founding families retain a significant interest, with Luis Contreras continuing as CEO
COMO, Italy – 26 July 2023 – Sereno Hotels (“Sereno”), today announced that an affiliate of KSL Capital Partners (“KSL”) has acquired a majority interest in Sereno. Founded over 20 years ago by the Contreras family, Sereno is the owner-operator of the multi-award-winning ultra-luxury hotel Il Sereno located on the shores of Lake Como, Italy, and its sister resort, Le Sereno on the beach at Grand Cul de Sac on the island of St. Barthelemy.
The Contreras family will remain significant investors in Sereno, and Sereno’s current team will continue to deliver the award-winning service for which Sereno has become world-renown over the last two decades. The terms of the of the transaction were not disclosed.
Luis Contreras, Sereno’s Founder and CEO, who will continue to lead the company, said, “Sereno Hotels is at heart a family company. Collaborating with KSL empowers us to accelerate our scale, whilst upholding the ideals and standards that have contributed to our success. Our joint vision is to create a select few new small and supremely luxurious hotels in unique locations, featuring remarkable design, meticulous detail, and casual yet professional, bespoke services for our guests. With KSL’s strategic advice and financial support, we aim to offer our guests, and our team, exciting new experiences and prospects."
Martin Edsinger, Principal at KSL Capital Partners, added, “We are thrilled to have the opportunity to partner with Luis and the Contreras family for the next journey of growth for this remarkable business. At KSL, we seek to invest in the unforgettable to create the enduring, something which is core to Sereno’s mission. What Luis and his family have created is unparalleled, and we could not be more excited about what the future will bring for Sereno and to work with a partner that shares our vision and values.”
About Sereno Hotels
Located in two of the most coveted vacations destinations in the world, Sereno Hotels is the creator, owner and operator of the multi- award-winning properties Il Sereno, located on the shores of Lake Como, Italy, whose modern design and interior stems from renowned Spanish architect Patricia Urquiola, and Le Sereno on the island of St. Barthelemy. The brand is renowned for carrying through the themes of an intimate number of sizeable rooms and suites, incredible and iconic views, large villas adjacent to the hotels, and a distinctive, understated approach to luxury and service. Il Sereno and Le Sereno have repeatedly achieved top accolades, including recognition from Condé Nast Traveler Reader’s Choice Awards, Travel + Leisure’s It List, Afar Traveler’s Choice Awards and Town & Country’s Hotel Awards. Travel + Leisure recently named Il Sereno the Best Hotel in Italy, the Best Hotel in Europe and the #4 Best Hotel in the World, while also naming Le Sereno the #1 Hotel to stay at in St. Barthelemy.
About KSL Capital Partners
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 has offices in Denver, Colorado; New York City; Stamford, Connecticut; and London, England. Since 2005, KSL has raised in excess of $21 billion of capital across both equity, credit and tactical opportunities funds. KSL's current portfolio includes some of the premier properties in travel and leisure, such as Soneva in the Maldives, Beaumier in Europe, and Baillie Lodges in Australia. For more information, please visit www.kslcapital.com.
Press contacts for further details:
KSL Capital Partners
Jon Keehner / Kate Thompson / Erik Carlson
Joele Frank, Wilkinson Brimmer Katcher
KSL-JF@joelefrank.com
+1 (212) 355-4449
Sereno Hotels
Jo Berry
GribbonBerry PR (for Sereno Hotels in the UK and Europe)
+44 (0) 7845 089249
Olivia Scrofani, Magrino PR (for Sereno Hotels in the US)
+1 (212).584.6459
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KSL Capital Partners Expands Team with Two Senior Hires
Ana Goizueta Joins as Head of Investor Relations and Marketing
Nolen Taylor Joins as Chief Financial Officer
Michael Mohapp Promoted to Partner; Jens Blomdahl Promoted to Principal
DENVER, March 6, 2023 /PRNewswire/ -- KSL Capital Partners, LLC ("KSL"), a leading investor in travel and leisure businesses, today announced the expansion of its team with two senior hires: Ana Goizueta has joined as Head of Investor Relations and Marketing, and Nolen Taylor has joined as Chief Financial Officer.
“For more than 30 years, our people have set KSL apart, and we remain focused on hiring, developing and empowering strong performers,” said Eric Resnick, co-founder and Chief Executive Officer of KSL. “As we continue to deploy more capital across our strategies, we are pleased to welcome Ana and Nolen, who bring deep expertise and decades of strategic and technical expertise that will benefit our teams and further enable us to best support our investors, portfolio companies and partners.”
As Head of Investor Relations and Marketing, Ms. Goizueta will be a member of the firm’s Investment Committee and responsible for supporting the firm’s continued growth through investor relations, capital raising and marketing.
“With an unmatched track record spanning more than three decades, KSL has established a unique and highly-compelling platform dedicated exclusively to the travel and leisure space,” said Ms. Goizueta. “I am confident that we are well-positioned to continue creating and building on opportunities to invest in exceptional travel destinations, and I look forward to further strengthening our client relationships globally.”
As Chief Financial Officer, Mr. Taylor will be a member of the firm’s Investment Committee and responsible for overseeing the firm’s finance and accounting functions.
“KSL has built an incredible team and maintained a differentiated, focused strategy investing in well-located travel and leisure businesses and unforgettable experiences,” said Mr. Taylor. “I am excited to join at a time when we see significant opportunities and heightened consumer demand in the sector, and I look forward supporting the team to drive further profitability and investment returns for all of KSL’s stakeholders.”
KSL also announced the promotions of Michael Mohapp to Partner and Jens Blomdahl to Principal, effective January 1, 2023. Mr. Mohapp is based in Denver, and Mr. Blomdahl is based in London. Each is a member of the firm’s Investment Committee.
Mr. Resnick added, “We take great pride in helping to develop from within at KSL. Mike and Jens joined us as associates, and we are thrilled to now be welcoming Mike to the partnership and further recognizing Jens’ strong contributions. I look forward to working with them in their new roles as KSL continues to execute on the attractive investment opportunities ahead.”
About Ana Goizueta
Ms. Goizueta brings an impressive track record of success developing and managing institutional and retail client relationships globally. Prior to joining KSL, Ms. Goizueta was Director of Investor Relations at Littlejohn LLC, a middle market private equity and distressed debt investment manager. In this role, she designed and implemented a new client service platform and oversaw all aspects of client acquisition, development and maintenance. Before Littlejohn, Ms. Goizueta served as Co-Head of Investor Relations at Oak Hill Advisors, where she was responsible for market and investor relations of the firm’s Diversified Credit Strategies Fund. Earlier in her career, Ms. Goizueta held roles in investor relations and finance at Talson Capital Management and J.P. Morgan Private Bank. Ms. Goizueta holds an M.B.A in Finance from Fuqua School of Business at Duke University and a B.A. in International Relations from Hamilton College.
About Nolen Taylor
Mr. Taylor brings over 25 years of experience driving value for companies and meeting client needs to KSL. Most recently, Mr. Taylor served as CFO and Managing Director at The Energy and Minerals Group (EMG), an energy-focused private equity firm, for 10 years. In this role, he monitored investment valuations and income across 30 portfolio companies, oversaw all treasury activities across funds and managed accounting and payroll for all funds, management companies and general partner entities. Prior to EMG, Mr. Taylor spent nearly 17 years at KPMG LLP, serving as Partner in his final role, where he managed clients across a broad array of business environments. Mr. Taylor holds a B.B.A in Accounting with a Minor in IT Systems from Baylor University.
About KSL Capital Partners
KSL Capital Partners, LLC is a private equity firm specializing in travel and leisure enterprises in five primary sectors: hospitality, recreation, clubs, real estate and travel services. KSL has offices in Denver, Colorado; Stamford, Connecticut; New York, New York; and London, England. KSL invests across three primary strategies through its equity, credit and tactical opportunities funds. KSL's current portfolio includes some of the premier properties in travel and leisure. For more information, please visit www.kslcapital.com.
Media Contact
Jon Keehner / Kate Thompson / Erik Carlson
Joele Frank, Wilkinson Brimmer Katcher
KSL-JF@joelefrank.com
(212) 355-4449
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KSL Capital Partners Acquires Martin Resorts Portfolio
DENVER, Feb. 1, 2023 /PRNewswire/ -- KSL Capital Partners, LLC ("KSL"), a leading investor in travel and leisure businesses, today announced that an affiliate has acquired the Martin Resorts Collection of five independent boutique hotels along California's Central Coast, midway between Los Angeles and San Francisco. The collection includes Avila Lighthouse Suites in Avila Beach; Pismo Lighthouse Suites and Shore Cliff Hotel in Pismo Beach; and Paso Robles Inn and The Piccolo in Paso Robles. Terms were not disclosed. KSL Resorts, a premier independent management company, will manage each of the hotels.
"We could not be more proud to be given the opportunity to continue on the traditions of Martin Resorts and its founding family," said Mike Mohapp, Partner at KSL. "More than 20 years ago, they created a spirit of hospitality to enrich the lives of their employees, guests, and the San Luis Obispo County community. We intend to fulfill the mission of the Martin family, and we look forward to building on this legacy through investments in these wonderful properties."
Noreen Martin, President and CEO of Martin Resorts – founded by her late husband Tom Martin in 1999 – added, "The Martin Resorts Collection has been the passion of my family for over two decades and finding the right partner to carry on our dedication to our local environment and community has been a priority for us. KSL shares our values and our commitment to providing guests with unforgettable and enduring experiences that reflect each resort's unique qualities. We are confident the firm is the right owner to nurture and enhance the attributes and traditions that have set the Martin Resorts Collection apart."
The five properties comprise 346 total rooms, including the 54 oceanfront, all suite Avila Lighthouse Suites, the 70 oceanfront newly-renovated all suite Pismo Lighthouse Suites, 100 oceanfront room Shore Cliff Hotel perched 90 feet above the Pacific Ocean, The Piccolo, a newly constructed 24 room intimate property in downtown Paso Robles, and the landmark 98 room Paso Robles Inn first established in 1889. Both The Piccolo and the Paso Robles Inn are located in the heart of wine country.
KSL will invest across the collection, providing guests a greater suite of amenities and more ways to engage with the local communities.
About KSL Capital Partners
KSL Capital Partners, LLC is a private equity firm specializing in travel and leisure enterprises in five primary sectors: hospitality, recreation, clubs, real estate and travel services. KSL has offices in Denver, Colorado; Stamford, Connecticut; London, England and Singapore. KSL invests across three primary strategies through its equity, credit and tactical opportunities funds. KSL's current portfolio includes some of the premier properties in travel and leisure. For more information, please visit www.kslcapital.com.
Media contact:
Jon Keehner / Kate Thompson / Erik Carlson
Joele Frank, Wilkinson Brimmer Katcher
KSL-JF@joelefrank.com
(212) 355-4449
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KSL Capital Partners Receives HICAP’s 2022 Merger & Acquisition Deal of the Year Award, Highlighting Firm’s Proven Investment Approach and Growing Presence in Asia
SINGAPORE, November 6, 2022 – KSL Capital Partners, LLC (“KSL”), a leading investor in travel and leisure businesses, today announced that its affiliates received the Merger & Acquisition Deal of the Year award at the Hotel Investment Conference Asia Pacific (“HICAP”), the region’s largest hotel conference, for the acquisition of the W Maldives and the Sheraton Maldives Full Moon Resort & Spa. The transaction closed in June 2022 for an undisclosed amount.
“For over 30 years, KSL has invested in premier travel and leisure destinations across the world, and our strong background in hospitality allows us to uniquely understand the potential of these properties and how best to drive strategic value for guests, employees, investors and the communities in which we operate,” said Siddhant Jhunjhunwala, Director of Investments, APAC for KSL. “We are excited to be recognized at Asia’s largest and longest-running hotel conference for our acquisition of the W Maldives and the Sheraton Maldives Full Moon Resort & Spa, which is a prime example of the type of high-quality investments we seek to make globally, and a testament to the success of our growing investment presence in Asia Pacific.”
More information on the acquisition of the W Maldives and the Sheraton Maldives Full Moon Resort & Spa by affiliates of KSL can be found here.
About KSL Capital Partners
KSL Capital Partners, LLC is a private equity firm specializing in travel and leisure enterprises in five primary sectors: hospitality, recreation, clubs, real estate and travel services. KSL has offices in Denver, Colorado; Stamford, Connecticut; New York City, New York; London, England and Singapore. Since 2005, KSL has raised approximately US$18 billion of capital across both equity, credit and tactical opportunities funds. KSL's current portfolio includes some of the premier properties in travel and leisure. For more information, please visit www.kslcapital.com.
Media contact:
Jon Keehner / Kate Thompson / Erik Carlson
Joele Frank, Wilkinson Brimmer Katcher
KSL-JF@joelefrank.com
(212) 355-4449