AN affiliate of Denver private equity firm, KSL Capital Partners has acquired Outrigger Hotels and Resorts, which include local properties, Outrigger Fiji Beach Resort (Sigatoka) and Castaway Island Fiji in the Mamanuca Islands.
Affiliates of KSL and the Hawaiian-headquartered hotel chain signed a purchase and sale agreement for the acquisition this week, with the transaction including all 37 of Outrigger’s portfolio of hotels, condominiums and vacation resort properties.
An announcement confirmed that the transaction would be subject to shareholder approval and customary closing conditions.
While the financial value of the acquisition wasn’t disclosed, Outrigger Enterprises Group President and CEO, David Carey stated that as one of the world’s leading hospitality investors, KSL had the capital capacity to elevate Outrigger to the next level by infusing additional resources into its current assets and helping to accelerate long-term growth goals.
“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,” he said.
“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.”
Carey’s grandparent, Roy and Estelle Kelley founded Outrigger in 1947, with the family leading the company for nearly 70 years.
KSL Affiliate Acquires Outrigger Hotels & Resorts
Oct. 3, 2017, 6:23 a.m.