WAIKIKI, HAWAII, 10 November 2016: Outrigger Hotels and Resorts and KSL Capital Partners LLC have signed a purchase and sales 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 Outrigger Enterprises Group president and CEO David Carey.
Outrigger was founded in 1947, and it has remained a family-run hospitality business.
Commenting on the purchase, KSL partner, Marty Newburger, said: “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 family has built.”
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 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.
KSL is a leading investor in travel and leisure enterprises in five primary sectors: hospitality, recreation, clubs, real estate and travel services.