Outrigger Hotels and Resorts and an affiliate of KSL Capital Partners, LLC enter acquisition agreement
Outrigger Hotels and Resorts (Outrigger) and KSL Capital Partners, LLC (KSL) has announced that affiliates of the companies have signed a purchase and sale agreement for an affiliate of KSL to acquire Outrigger. The transaction includes all 37 of Outrigger’s multi-branded portfolio of hotels, condominiums and vacation resort properties. The transaction is subject to shareholder approval and customary closing conditions.
“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 and 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.”
“Outrigger is a well-established, highly successful company that has built a unique portfolio of world-class hotels,” said Marty Newburger, partner at KSL. “For nearly seven decades, the Outrigger team has been focused on providing authentic, localised experiences for guests in iconic resort destinations. We are excited to continue the strong tradition that the Kelley family has built. Outrigger’s and KSL’s values are aligned with creating lasting and memorable experiences for our resort guests at properties that are integral to the communities in which they operate. Outrigger owns and operates resorts in truly remarkable destinations and KSL is excited be a part of the next chapter of Outrigger’s extraordinary story.”
Upon closure of the transaction, Outrigger’s current management team will continue to lead the company and the company’s headquarters will remain in Honolulu, Hawaii.
Outrigger currently operates or has under development 37 properties with approximately 6,500 rooms located in Hawaii (Oahu, Maui, Kauai, Hawaii Island); Guam; Fiji; Thailand; Mauritius; and the Maldives.