News

Largest Equity Investment Ever Committed to a Private Jet Travel Provider
Strategic Relationship with L Catterton, an affiliate of LVMH, Uniquely Bolsters Strength in the Luxury Market
Further Advances Irreplicable Infrastructure, Service Delivery, and Aircraft Owner Experiences

Cleveland, Ohio, July 21, 2025 (GLOBE NEWSWIRE) -- Flexjet, a global leader in private aviation, has closed an $800 million equity investment from a consortium of strategic investors led by leading global consumer-focused investment firm L Catterton, with participation from affiliates of KSL Capital Partners, LLC and the J. Safra Group. The investment, which marks the largest equity investment in the history of private aviation, will support Flexjet’s continuing vision to significantly transform the Private Jet Flight Experience.

With investments in its global workforce, infrastructure and fleet modernization, Flexjet has built the foundation for a travel experience that is responsive to the latest demands of its clients, which includes more demand for larger aircraft and international flights. Flexjet’s vision includes a more bespoke experience that begins with access through private terminals and ends with providing unique access to destinations, products and curated events that are not available outside of the Flexjet community.

Additionally, much of Flexjet’s success is built on its ability to control the key ingredients that lead to specialized service delivery. This includes private aviation’s largest in-house maintenance network, private terminals and its Cabin Attendant Academy. Flexjet currently has 11 private terminals either operating or in development, including London Farnborough expected to open early next year.

Enhancing and broadening the breadth and depth of what services it controls is a key focus of Flexjet’s vision, as well as creating exclusive access to luxury experiences and products, such as its partnerships with Ferretti Group’s Riva Yachts and Bentley Motors.

“L Catterton, with its special relationship with LVMH and its family of brands, provides the perfect opportunity for collaborating in areas such as consumer insights, brand strategies, retail expansion, and luxury product delivery,” commented Kenn Ricci, Flexjet’s Chairman.

This landmark investment creates a unique and differentiated strategic partnership between management and Flexjet’s existing shareholders, who will remain in control, and three leading global investors. L Catterton, KSL Capital Partners, and the J. Safra Group bring a long and successful record of investing in businesses that serve upscale consumers through experiential branding, luxury goods and unmatched travel and leisure experiences.

“Flexjet epitomizes our category-first approach and, although they are celebrating their 30^th anniversary this year, their history is one of never settling in pursuit of thoughtful innovation to best fulfill the desires of the consumers within their unique and exciting marketplace,” said Scott Dahnke, Global CEO of L Catterton, speaking on behalf of the consortium.

Jefferies, Morgan Stanley & Co. LLC, and Goldman Sachs acted as co-advisors to Flexjet.

About Flexjet

Flexjet, a global leader in private aviation, first entered the fractional jet ownership market in 1995 and is celebrating its 30th anniversary. Flexjet offers fractional jet ownership and leasing and is the first in the world to be recognized as achieving the Air Charter Safety Foundation’s Industry Audit Standard, is the first and only company to be honored with 26 FAA Diamond Awards for Excellence, upholds an ARG/US Platinum Safety Rating, a 4AIR Bronze Sustainable Rating and is certified at Stage 2 with IS-BAO. Flexjet Technical Services, a fully integrated maintenance and product support infrastructure, has operations in the U.S., Canada and Europe and its primary mission is to support the maintenance of the Flexjet fleet. Red Label by Flexjet, a market differentiator, features an ultra-modern fleet, flight crews assigned to a single aircraft and the LXi Cabin Collection of interiors. To date there are more than 50 different interior designs across its fleet, which includes the Embraer Phenom 300, Praetor 500 and 600, Bombardier Challenger 350/3500 and the Gulfstream G450 and G650. Flexjet’s European fleet includes the Embraer Praetor 600 and the Gulfstream G650. Flexjet’s helicopter division offers leases, helicopter cards and convenient interchange access for its aircraft Owners. Flexjet owns, operates and maintains its global fleet of Sikorsky S-76 helicopters which boast 55,000 hours of safe flying certified by Wyvern and ARG/US and serving locations throughout the northeastern United States, Florida, United Kingdom and Italy. Flexjet is a member of the Directional Aviation family of companies. For more details on innovative programs and flexible offerings, visit www.flexjet.com or follow us on Instagram @Flexjetllc.

About L Catterton

L Catterton is a market-leading consumer-focused investment firm, managing approximately $37 billion of equity capital across three multi-product platforms: private equity, credit, and real estate. The firm's funds have the ability to invest between $5 million and $5 billion, across the capital structure, in well-positioned consumer businesses. Leveraging deep category insight, operational excellence, and a broad network of strategic relationships, L Catterton's team of more than 200 investment and operating professionals across 17 offices partners with management teams to drive differentiated value creation across its portfolio. Originally founded in 1989, the firm has made over 300 investments in some of the world's most iconic consumer brands.    For more information about L Catterton, please visit lcatterton.com.

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; and London, England. KSL invests across three primary strategies through its equity, credit and tactical opportunities funds.

KSL has spent more than three decades investing in luxury and experiential travel, building a leading global portfolio of hotels and resorts, destination experiences and travel and leisure brands. With deep sector expertise and an expansive international footprint, the firm brings significant scale and experience to the global travel and leisure sector, along with differentiated insight into the ultra-luxury hospitality market.

For more information, please visit www.kslcapital.com.

About J. Safra Group

The J. Safra Group (the “Group”), with total assets under management of USD 345 billion, consists of privately-owned banks under the Safra name and investment holdings in asset-based business sectors such as real estate and agribusiness. The Group’s banking interests in more than 200 locations globally, are: J. Safra Sarasin, headquartered in Basel, Switzerland; Banco Safra, headquartered in Sao Paulo, Brazil; and Safra National Bank of New York, headquartered in New York City, USA; all independent from one another from a consolidated supervision standpoint. The Group’s real estate holdings consist of more than 200 premier commercial, residential, retail and farmland properties worldwide, such as New York City’s 660 Madison Avenue office complex and London’s iconic Gherkin Building. Its investments in other sectors include, among others, agribusiness holdings in Brazil and Chiquita Brands International Inc. With deep relationships in markets worldwide, the Group is able to greatly enhance the value of businesses which are part of it. There are more than 35,000 employees associated with the J. Safra Group.

Media Contacts

Flexjet

Lauren Florian
Flexjet Chief Marketing Officer
440-478-7595 (mobile)
Lauren.Florian@flexjet.com

L Catterton

Julie Hamilton
Managing Director, Communications
media@lcatterton.com
+1 203 742 5185

KSL Capital Partners

Kate Thompson / Erik Carlson / Kate Kelley
Joele Frank, Wilkinson Brimmer Katcher
KSL-JF@joelefrank.com
(212) 355-4449

J. Safra Group

T:+41 (0)58 317 40 88 | e-mail: media@jsafrasarasin.com

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CHICAGO--(BUSINESS WIRE)--Hyatt Hotels Corporation (the “Company”) (NYSE: H) announced today that it has entered into a definitive agreement to sell the entirety of Playa’s owned real estate portfolio, acquired from Playa on June 17, 2025, for $2.0 billion to Tortuga Resorts (“Tortuga”), a joint venture between an affiliate of KSL Capital Partners, LLC and Rodina. Hyatt can achieve up to an additional $143 million earnout if certain operating thresholds are met. The real estate transaction is expected to close before the end of 2025 and is subject to regulatory approval in Mexico and other customary closing conditions.

The real estate portfolio includes 15 all-inclusive resort assets located across Mexico, the Dominican Republic, and Jamaica. Concurrent with the real estate sale, Hyatt and Tortuga will enter into 50-year management agreements for 13 of the 15 properties, with terms consistent with Hyatt’s existing all-inclusive management fee structure, while the remaining two properties are under separate contractual arrangements. Hyatt will retain $200 million of preferred equity in connection with the real estate transaction.

Following the sale of the real estate portfolio, Hyatt’s net purchase price for Playa’s asset-light management business is approximately $555 million, net of gross proceeds from asset sales. Hyatt expects to earn $60 to $65 million of stabilized Adjusted EBITDA in 2027, inclusive of earnings from Unlimited Vacation Club and ALG Vacations, representing an implied multiple of 8.5x – 9.5x. The implied multiple would be further improved to the extent the earnout conditions are met.

“The planned real estate sale to Tortuga transforms the acquisition of Playa Hotels & Resorts into a fully asset-light transaction and increases Hyatt’s fee-based earnings,” said Mark Hoplamazian, President and Chief Executive Officer, Hyatt. “Hyatt has secured long-term, durable management agreements and the planned real estate sale demonstrates Hyatt’s commitment to its asset-light business model and ability to deliver value to shareholders that is accretive in the first full year.”

Upon completion of the real estate sale, Hyatt is required to use the proceeds to repay the delayed draw term loan used to fund a portion of the Playa acquisition and expects pro forma net leverage to be consistent with thresholds necessary to maintain its investment-grade credit profile.

A supplemental presentation with additional information about the planned transaction is attached to the Form 8-K filed today, and is available on Hyatt’s Investor Relations website, under the “Financials” section.

In connection with the transaction, BDT & MSD Partners is acting as lead financial advisor to Hyatt, with Berkadia serving as Hyatt’s real estate advisor. Latham & Watkins LLP is Hyatt’s legal advisor. Goldman Sachs & Co. LLC is acting as exclusive financial advisor to Tortuga, and Simpson Thacher & Bartlett LLP is acting as Tortuga’s legal advisor.

The term “Hyatt” is used in this release for convenience to refer to Hyatt Hotels Corporation and/or one or more of its affiliates.

For further information:

About Hyatt Hotels Corporation

Hyatt Hotels Corporation, headquartered in Chicago, is a leading global hospitality company guided by its purpose – to care for people so they can be their best. As of March 31, 2025, the Company's portfolio included more than 1,450 hotels and all-inclusive properties in 79 countries across six continents. The Company's offering includes brands in the Luxury Portfolio, including Park Hyatt®, Alila®, Miraval®, Impression by Secrets, and The Unbound Collection by Hyatt®; the Lifestyle Portfolio, including Andaz®, Thompson Hotels®, The Standard®, Dream® Hotels, The StandardX, Breathless Resorts & Spas®, JdV by Hyatt®, Bunkhouse® Hotels, and Me and All Hotels; the Inclusive Collection, including Zoëtry® Wellness & Spa Resorts, Hyatt Ziva®, Hyatt Zilara®, Secrets® Resorts & Spas, Dreams® Resorts & Spas, Hyatt Vivid Hotels & Resorts, Sunscape® Resorts & Spas, Alua Hotels & Resorts®, and Bahia Principe Hotels & Resorts; the Classics Portfolio, including Grand Hyatt®, Hyatt Regency®, Destination by Hyatt®, Hyatt Centric®, Hyatt Vacation Club®, and Hyatt®; and the Essentials Portfolio, including Caption by Hyatt®, Hyatt Place®, Hyatt House®, Hyatt Studios, Hyatt Select, and UrCove. Subsidiaries of the Company operate the World of Hyatt® loyalty program, ALG Vacations®, Mr & Mrs Smith, Unlimited Vacation Club®, Amstar® DMC destination management services, and Trisept Solutions® technology services.

About Tortuga Resorts

Tortuga Resorts was established to create the leading ownership company for premium beachfront resorts throughout top destinations in the Caribbean and Latin America. Tortuga Resorts’ current portfolio consists of 8 premier beach resorts, with approximately 2,900 rooms across 3 world-class destinations. Tortuga Resorts was formed by KSL Capital Partners, LLC, a leading global investor in travel and leisure businesses, and Rodina, a family office based in Mexico City with experience across various industries including hospitality, infrastructure, and technology.

Forward-Looking Statements

Forward-Looking Statements in this press release, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include statements about the Company, Playa, the proposed Asset Sale Transaction, the expected timeline for completing the Asset Sale Transaction; 2027 stabilized Adjusted EBITDA estimates for Playa’s asset-light management business, expected pro forma net leverage following completion of the Asset Sale Transaction, and expected outcomes of the proposed Asset Sale Transaction and involve known and unknown risks that are difficult to predict. As a result, the Company's actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as "may," "could," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "predict," "potential," "continue," "likely," "will," "would" and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by the Company and the Company's management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: the effects that the announcement or pendency of the proposed Asset Sale Transaction may have on us, the occurrence of any event, change or other circumstance that could give rise to the termination of the Share Purchase Agreement; the effects that any termination of the Share Purchase Agreement may have on us or our business; failure to successfully complete the proposed Asset Sale Transaction; legal proceedings that may be instituted related to the proposed Asset Sale Transaction; significant and unexpected costs, charges or expenses related to the proposed Asset Sale Transaction; inability to obtain regulatory or governmental approvals or to obtain such approvals on satisfactory conditions, general economic uncertainty in key global markets and a worsening of global economic conditions or low levels of economic growth; the rate and pace of economic recovery following economic downturns; global supply chain constraints and interruptions, rising costs of construction-related labor and materials, and increases in costs due to inflation or other factors that may not be fully offset by increases in revenues in our business; risks affecting the luxury, resort, and all-inclusive lodging segments; levels of spending in business, leisure, and group segments, as well as consumer confidence; declines in occupancy and average daily rate; limited visibility with respect to future bookings; loss of key personnel; domestic and international political and geopolitical conditions, including political or civil unrest or changes in trade policy; the impact of global tariff policies or regulations; hostilities, or fear of hostilities, including future terrorist attacks, that affect travel; travel-related accidents; natural or man-made disasters, weather and climate-related events, such as hurricanes, earthquakes, tsunamis, tornadoes, droughts, floods, wildfires, oil spills, nuclear incidents, and global outbreaks of pandemics or contagious diseases, or fear of such outbreaks; our ability to successfully achieve specified levels of operating profits at hotels that have performance tests or guarantees in favor of our third-party owners; the impact of hotel renovations and redevelopments; risks associated with our capital allocation plans, share repurchase program, and dividend payments, including a reduction in, or elimination or suspension of, repurchase activity or dividend payments; the seasonal and cyclical nature of the real estate and hospitality businesses; changes in distribution arrangements, such as through internet travel intermediaries; changes in the tastes and preferences of our customers; relationships with colleagues and labor unions and changes in labor laws; the financial condition of, and our relationships with, third-party owners, franchisees, and hospitality venture partners; the possible inability of third-party owners, franchisees, or development partners to access the capital necessary to fund current operations or implement our plans for growth; risks associated with potential acquisitions and dispositions and our ability to successfully integrate completed acquisitions with existing operations; failure to successfully complete proposed transactions (including the failure to satisfy closing conditions or obtain required approvals); our ability to maintain effective internal control over financial reporting and disclosure controls and procedures; declines in the value of our real estate assets; unforeseen terminations of our management and hotel services agreements or franchise agreements; changes in federal, state, local, or foreign tax law; increases in interest rates, wages, and other operating costs; foreign exchange rate fluctuations or currency restructurings; risks associated with the introduction of new brand concepts, including lack of acceptance of new brands or innovation; general volatility of the capital markets and our ability to access such markets; changes in the competitive environment in our industry, industry consolidation, and the markets where we operate; our ability to successfully grow the World of Hyatt loyalty program and manage the Unlimited Vacation Club paid membership program; cyber incidents and information technology failures; outcomes of legal or administrative proceedings; and violations of regulations or laws related to our franchising business and licensing businesses and our international operations; and other risks discussed in the Company's filings with the SEC, including our annual reports on Form 10-K and quarterly reports on Form 10-Q, which filings are available from the SEC. All forward-looking statements attributable to the Company or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements set forth above. We caution you not to place undue reliance on any forward-looking statements, which are made only as of the date of this press release. We do not undertake or assume any obligation to update publicly any of these forward-looking 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 law. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.

HHC-FIN

Contacts

For further information:

Hyatt Media Contact:
Franziska Weber
franziska.weber@hyatt.com

Hyatt Investor Contacts:
Adam Rohman
adam.rohman@hyatt.com

Ryan Nuckols
ryan.nuckols@hyatt.com

Tortuga Media Contact:
Kate Thompson / Erik Carlson / Kate Kelley
Joele Frank, Wilkinson Brimmer Katcher
Tortuga-JF@JoeleFrank.com

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DENVER, May 23, 2025 /PRNewswire/ -- KSL Capital Partners, LLC (“KSL”), a leading alternative investment firm, today announced that an affiliate has taken a majority interest in the Soneva Group (“Soneva”),a pioneer in sustainable luxury hospitality since 1995 with award-winning resorts in the Maldives, following the exercise of its right to convert certain securities.

The transaction builds on the firm’s initial minority investment in November 2019 and underscores KSL’s continued conviction in Soneva’s long-term strategy and differentiated approach to ultra-luxury experiential travel.

To help lead the next phase for Soneva, Neil Gallagher has been appointed Chief Executive Officer of Soneva. A seasoned international hospitality leader, Mr. Gallagher brings more than two decades of experience across Europe, the Middle East, the U.S. and the Caribbean. He previously served as CEO and CFO of Clermont Hotel Group (formerly glh Hotels Management) and held leadership roles at IHG Hotels & Resorts, including CFO, Europe. Earlier in his career, Mr. Gallagher held leadership positions at Marriott Vacation Club International.

About Soneva

Founded in 1995, Soneva is a pioneering, award-winning luxury resorts operator. At Soneva Fushi, Soneva Jani, Soneva Secret and the Soneva in Aqua yacht in the Maldives, true ‘luxury’ is defined by peace, time and space. Guests discover the SLOW LIFE, reconnecting with themselves and the natural world through rare, unforgettable experiences. Soneva is a pioneer for responsible tourism, combining sustainability with exquisite hospitality and intuitive, personalized service.

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.

KSL has spent more than three decades investing in luxury and experiential travel, building a leading global portfolio of high-end resorts, destination experiences and hospitality brands. With deep sector expertise and an expansive international footprint, the firm brings significant scale and experience to the global Travel & leisure sector, along with differentiated insight into the ultra-luxury hospitality market.

For more information, please visit www.kslcapital.com.

Media Contact
Kate Thompson / Erik Carlson
Joele Frank, Wilkinson Brimmer Katcher
KSL-JF@joelefrank.com
(212) 355-4449

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Landmark Luxury Resort on Private Venetian Island Joins KSL's Portfolio of Unforgettable Travel & Leisure Businesses Around the World

DENVER, April 29, 2025 /PRNewswire/ -- KSL Capital Partners, LLC ("KSL"), a leading alternative investment firm, today announced its affiliates have acquired the JW Marriott Venice Resort & Spa ("JW Marriott Venice"), one of Venice's premier 5-star hotels, from Aareal Bank Group. JW Marriott Venice represents the first equity transaction completed by KSL's European Capital Solutions platform, a dedicated European strategy with a versatile mandate to invest across the capital structure in travel and leisure assets in Europe with a focus on high quality urban and resort destinations.

Nestled on its own private island, Isola delle Rose, just minutes from St. Mark's Square, the JW Marriott Venice is a one-of-a-kind luxury destination that has become a guest favorite since its opening in 2015. Designed by renowned architect Matteo Thun, the resort features 266 contemporary rooms and suites, including the exclusive Uliveto Retreat. With six acclaimed restaurants, extensive conference space and the largest spa in Venice, the resort offers an unmatched blend of wellness, culinary excellence and hospitality in a setting of rich history. Guests can enjoy a range of world-class amenities, from a rooftop pool with sweeping views to lush Mediterranean gardens, a romantic historic church, kids' club, padel courts and the immersive Sapori Cooking Academy.

"With its private island setting and strong performance, coupled with Venice's enduring appeal to luxury travelers, the JW Marriott Venice exemplifies the type of irreplaceable real estate we seek to invest in," said Martin Edsinger, Partner at KSL. "We are excited to further elevate this remarkable resort through thoughtful investment and enhancements that will enrich the guest experience and ensure the JW Marriott Venice continues to stand apart as one of Europe's premier destinations."

About JW Marriott Venice Resort & Spa
JW Marriott Venice Resort & Spa is one of the finest 5-star hotels in Venice. Nestled on the private island of Isola delle Rose, the luxury hotel offers a tranquil retreat from the city's excitement. Just minutes from St. Mark's Square, arrive via a complimentary water shuttle to a 40-acre paradise of gardens, olive groves, and world-class amenities. Enjoy light-filled rooms, suites, and private residences, savor award-winning cuisine, or unwind at the JW Venice Spa, one of Venice's top wellness destinations. As well as being a pet-friendly hotel in Venice, the property offers pools, cooking classes, and family activities. Its stunning venues also provide unforgettable backdrops for weddings, meetings, and special celebrations.

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
Kate Thompson / Erik Carlson
Joele Frank, Wilkinson Brimmer Katcher
KSL-JF@joelefrank.com
(212) 355-4449

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DENVER, April 10, 2025 /PRNewswire/ -- KSL Capital Partners, LLC ("KSL"), a leading alternative investment firm, today announced the final closing of its latest tactical opportunities fund, KSL Capital Partners Tactical Opportunities II, L.P. ("Tac Opps II"), with total capital commitments of $1.44 billion, including contributions from the General Partner. The fund reached its hard cap, significantly exceeding its initial $1 billion target, and attracted strong support from a diverse group of institutional and private investors, including public pension funds, sovereign wealth funds, foundations, asset managers and family offices.

"We are proud to have earned the confidence of both new and returning investors," said Dan Rohan, Partner and Head of Tactical Opportunities. "Our Tac Opps strategy was established to provide strategic partnership capital to highly differentiated travel and leisure businesses, and we are excited to expand those partnerships through Tac Opps II."

"Over the past 30 years, we have worked to build a longstanding reputation for excellence in travel and leisure investing," said Eric Resnick, Chief Executive Officer of KSL. "Through our equity, credit and tactical opportunities vehicles, our investors and partners benefit from three synergistic strategies, which offer a continuum of solutions across the capital stack."

Simpson Thacher & Bartlett LLP acted as legal counsel to KSL and the fund.

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
Kate Thompson / Erik Carlson
Joele Frank, Wilkinson Brimmer Katcher
KSL-JF@joelefrank.com
(212) 355-4449