News

Underscores Commitment to Investing in Exceptional Businesses, Expanding Tourism and Supporting Economic Growth in the Maldives
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LONDON, August 14, 2024 – KSL Capital Partners, LLC(“KSL”), a leading investor in travel and leisure businesses, today announced its affiliates will invest $21 million in the W Maldives to fully renovate the resort and plan to recommence capital spending at the Sheraton Maldives Full Moon Resort & Spa (“Sheraton Maldives”) to continue investing in one of the most expansive luxury properties in the Maldives.
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The $21 million investment will support a comprehensive renovation of the W Maldives that is designed to upgrade virtually all aspects of the resort. The renovation commenced earlier this year, and the W Maldives will remain temporarily closed to guests. It is expected to reopen in late 2024.
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Located on the private island of Fesdu in North Ari Atoll, the W Maldives comprises a combination of 77 overwater or beach bungalows with private pools and direct beach or sea access. Guests of the W Maldives can enjoy the resort’s six restaurants and bars, a world-class spa and snorkeling and diving at one of the best house reefs in the Maldives.
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KSL suspended its capital spending plans at the Sheraton Maldives earlier this year and had been in discussions with the Government of Maldives about the future of the resort. Electing to move on from those discussions, KSL plans to recommence its phased capital improvement plan to maintain the Sheraton Maldives’ leading reputation as one of the premier family resorts in the Maldives.  
 

The Sheraton Maldives is located on the private island of Furanafushi, a short speedboat ride from Velana International Airport. The 176-room resort features over water bungalows, ocean view villas and cottages, many with private plunge pools. The Sheraton Maldives offers seven restaurants and bars, multiple fresh-water pools, a full-service spa, tennis facilities and the Sheraton Kids' Club.
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“We’re excited to move forward with our plans at the W Maldives and the Sheraton Maldives resorts, two exceptional properties that offer the best of the Maldives to travelers from around the globe,” said Tina Yu, Partner at KSL Capital Partners. “We’re confident that our continued investments will further elevate the unique and unforgettable guest experience these resorts offer, while also creating a positive impact in the local community. As part of KSL’s mission to create enduring value, we remain steadfast in our commitment to the Maldives as one of the world's premier travel and leisure destinations and will continue to support the country’s economic growth.”
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KSL acquired the W Maldives and Sheraton Maldives in June2022. KSL is a significant investor in the Maldives with investments in six major hotels in the country, including the W Maldives, Sheraton Maldives, Soneva Fushi, Soneva Jani, the recently developed and opened Soneva Secrets and Outrigger Maafushivaru Resorts.
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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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LONDON, UK – June 26, 2024 – Blackstone Real Estate (“Blackstone”) today announced that funds managed by Blackstone have completed the acquisition of Village Hotels, a hotel owner, operator and developer, from affiliates of KSL Capital Partners, a leading investor in travel and leisure businesses.

Village Hotels owns and operates 33 well-located assets in large regional cities and suburban areas across the UK. Representing 4,400 hotel keys, it operates as an “all under one roof” leisure destination, offering traditional full-service hotel stays, fitness clubs, food and beverage outlets, and co-working spaces. Thanks to its wide range of amenities, Village Hotels has built a broad and loyal customer base, catering to domestic business travellers, tourists, large groups and local visitors.

James Seppala, Head of Real Estate Europe at Blackstone, said, “We are delighted to add Village Hotels, a standout hospitality brand with a unique business model, to our real estate portfolio. We see great potential in lodging and leisure as a sector, especially where we can support strongly positioned businesses that deliver exceptional experiences to their customers. We look forward to partnering with Village Hotels’ seasoned management team and support them as it embarks on its next stage of growth.”

Gary Davis, CEO of Village Hotels, said, “With KSL’s support, we have developed a differentiated brand, offering lodging, food, meeting space and health and wellness, ‘everything under one roof’. Each hotel attracts over 4,000 local members to our health and wellness clubs, quite unique in the hotel world, with high-tech equipment, fitness class facilities and pools with steam room and sauna. A great facility for the business traveller where health and wellness plus work facilities make us best in class. With Blackstone we see great opportunities to expand the number of hotels in the UK and further enhance our existing facilities. An exciting time for us all.”

Jens Blomdahl, Principal at KSL Capital Partners, said, “We are pleased to have partnered with the Village Hotels team to build out a comprehensive hospitality offering and expand their high-quality portfolio — including the addition of more than 1,200rooms and 45,000 fitness members. We look forward to following Village Hotels’ continued success in this new chapter as part of the Blackstone portfolio.”

Blackstone is along-term believer in the UK leisure sector, driven by consumers’ focus on high-quality experiences and services. In 2021, Blackstone acquired Bourne Leisure, a premier UK holiday company and owner of Haven Holiday Parks, the largest caravan operator in the UK, and Warner Hotels, the only hotel chain to cater exclusively to adults in the UK. Since acquisition, the firm has invested over £550 million across both brands for site and entertainment upgrades and expansions, growing Bourne Leisure into one of the largest providers of holiday experiences and holiday homes in Britain.

Lazard acted as Blackstone’s lead financial advisor, Santander also acted as Blackstone’s financial advisor and Simpson Thacher & Bartlett and DLA Piper served as Blackstone’s legal advisors. Morgan Stanley & Co. International plc acted as KSL’s financial advisor and Dentons served as KSL’s legal advisor.

About Blackstone Real Estate 
Blackstone is a global leader in real estate investing. Blackstone’s real estate business was founded in 1991 and has US $339 billion of investor capital under management. Blackstone is the largest owner of commercial real estate globally, owning and operating assets across every major geography and sector, including logistics, residential, office, hospitality and retail. Our opportunistic funds seek to acquire undermanaged, well-located assets across the world. Blackstone’s Core+ business invests in substantially stabilized real estate assets globally, through both institutional strategies and strategies tailored for income-focused individual investors including Blackstone Real Estate Income Trust, Inc. (BREIT), a U.S. non-listed REIT. Blackstone Real Estate also operates one of the leading global real estate debt businesses, providing comprehensive financing solutions across the capital structure and risk spectrum, including management of Blackstone Mortgage Trust (NYSE: BXMT).

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 Contacts

Blackstone
Sneha Patel
sneha.patel@blackstone.com  
+44 7884 086 362

KSL
Kate Thompson / Erik Carlson
Joele Frank, Wilkinson Brimmer Katcher
KSL-JF@joelefrank.com
+1 (212) 355-4449

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Amsterdam, June 11, 2024 – Leonardo Hotels (“Leonardo”) today announced that it has entered into a purchase agreement to acquire the Zien Group (“Zien”) and its 12 hotels in the Netherlands from affiliates of KSL Capital Partners, LLC (“KSL”), a leading investor in travel and leisure businesses, as well as its partner, Garden Capital Group, whose shareholders founded the business. Terms were not disclosed. The transaction is scheduled to close in the second quarter of 2024and is subject to customary closing conditions.

The sale marks a successful investment for KSL, alongside Garden Capital Group, and transforms Leonardo Hotels into one of the leading hotel chains in the region – as its portfolio in the Benelux increases to 28 hotels. The acquired platform consists of five hotels in Amsterdam and several hotels in top locations in major cities, such as Rotterdam, The Hague, Eindhoven, Groningen, and Maastricht, underlining the significant growth strategy of Leonardo Hotels Benelux.

Zien Group’s current portfolio of hotels was assembled by the Dijkstra family over 75 years. KSL acquired a majority interest in the business in December 2021, during the height of the Covid-19 pandemic. Through targeted refurbishments and operational initiatives under CEO Billy Kelli-Cohen, the group’s performance has steadily improved and now well surpasses pre-Covid performance.

Through this transaction, Leonardo Hotels adds 1,522 hotel rooms to its portfolio, bringing its total number of rooms in the Netherlands and Belgium to 4,161. The acquisition includes the transfer of well-known hotels in Amsterdam, such as the iconic Eden Hotel, The Lancaster Hotel, and The Manor.

The transaction is envisaged to complete in the first half of Q3 2024 and is conditional on the completion of merger clearance requirements and the works council advice process.

Guy Vardi and Yaniv Amzaleg, M&A Directors of Fattal and MD of Fattal European Partnerships, commented: “We are delighted to have been awarded this important mandate from KSL, which reflects very well on our ability to support deals of this nature - particularly in a highly competitive process. These new hotels will benefit from the synergies of being part of a much larger hospitality group, providing our guests with access to a robust portfolio of hotels in an increasingly attractive hospitality sector. Additionally, our investors can look forward to having strong returns from their investments as we continue to grow. By targeting properties that align with Leonardo's standards of excellence, the partnership seeks to curate a collection of industry-leading hotels.”

Alexander Kluit, Managing Director of Leonardo Hotels Benelux, welcomed the deal: “Zien’s hotels align seamlessly with Leonardo Hotels' vision of welcoming guests to unique, often city-center locations. We recognize many similarities in the passionate management of these hotels and look forward to enhancing our brand alongside our new colleagues.”

Ronen Nissenbaum, CEO of Leonardo Hotels in UK, Ireland, Benelux, Spain, and Portugal said: "We are delighted with this portfolio deal in the Netherlands, which increases our number of hotels in the Benelux region to 28. Our group has seen remarkable growth in recent years, now comprising over 300 hotels across 21 countries, with further acquisitions to be announced in the coming weeks."

Martin Edsinger, Partner at KSL, commented: “We are excited to hand the reins of Zien Group to Fattal Group and Leonardo Hotels as a strategic long-term owner. We have long recognized the strength of the Netherlands hospitality market.”

Raphael Bihler, Senior Vice President at KSL, added: “It has been our honour to be part of the storied history of Zien Group and its iconic properties. We are confident that Leonardo Hotels will enable a new chapter of continued growth for the portfolio as part of a larger group.”

About Fattal Hotels Group

Fattal Hotels is a rapidly growing international hotel group that owns and operates over 300 hotels across more than 120 destinations worldwide ,encompassing over 50,000 rooms. With a strong presence in 21 countries, including Germany, the UK & Ireland, Poland, Israel, Spain, the Netherlands, Austria, Italy, Greece, Cyprus, and France, the group continues to expand its global footprint across fantastic locations.

Fattal Hotels offers a diverse portfolio of accommodations, featuring leading brands such as Leonardo Hotels, Leonardo Royal Hotels, NYX lifestyle hotels, and all-inclusive resorts under the Leonardo banner. Additionally, its Leonardo Limited-Edition collection showcases a selection of uniquely curated and beautifully designed hotels.

About Leonardo Hotels

Founded in 2006as the European arm of the Fattal Hotel Group, Leonardo Hotels has since grown into a leading name in the hospitality industry. With a diverse portfolio consisting of Leonardo Hotels, Leonardo Royal Hotels, Leonardo Boutique Hotels, Leonardo Limited Edition Hotels and NYX Hotels, we offer a range of unique experiences tailor-made for the modern traveler. The Group owns and manages over300 hotels across 21 countries.

About KSL

KSL Capital Partners is a private equity firm specializing in travel and leisure enterprises in five primary sectors: hospitality, recreation, clubs, realestate and travel services. KSL has offices in Denver, Colorado; New York City; Stamford, Connecticut; and London, England. KSL's current European portfolio includes among others boutique hotel groups Beaumier and The Pig, iconic Scottish golf resort Cameron House, as well as London-based premium fitness chain Third Space. For more information, please visit www.kslcapital.com.

Advisors

Leonardo Hotels were advised by Freshfield Bruckhaus Deringer (Legal) and KPMG (Financial and Tax).

KSL Capital Partners were advised by Latham & Watkins and DeBrauw Blackstone Westbroek (Legal),Deloitte (Financial and Tax) and Eastdil Secured (Finance).

Garden Capital Groupwas advised by CMS (Legal).

Media Contacts

Leonardo Hotels:

Reputation Inc
Paul Griffin
Phone: +353 876674305

KSL CapitalPartners:

Joele Frank, Wilkinson Brimmer Katcher
Kate Thompson / Erik Carlson
Email: KSL-JF@joelefrank.com
Phone: +1 212 355-4449

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DENVER, March 13, 2024 /PRNewswire/ -- KSL Capital Partners, LLC (“KSL”),a leading investor in travel and leisure businesses, today announced that it has completed the final closing of its latest travel and leisure focused private equity fund, KSL Capital Partners VI, L.P. (“KSL VI”). Together with commitments from the General Partner, KSL VI closed on approximately $2 billion in capital commitments. The fund is backed by a diverse group of existing and new investors including state and corporate pension funds, sovereign wealth funds, endowments, foundations, insurance companies, asset managers and family offices.

In late 2021, KSL Capital Partners set a multi-year goal to raise new vehicles across various investment strategies, including Private Equity, Credit and Tactical Opportunities. Since October 2021, KSL has raised over $10.5 billion across these strategies.

“When we began fundraising, we set out an ambitious goal of raising capital for each of our strategies in a compressed timeframe. One of our primary goals in raising new capital was to provide a return of capital to our existing investors which we accomplished in raising a single asset continuation vehicle for each of Ross Aviation and Alterra Mountain Company, the latter being one of the largest continuation vehicles completed to date. The remaining capital is, of course, for new investments,” said Eric Resnick, CEO of KSL Capital Partners. “Our investors have positioned us well to take advantage of what we believe is a unique time in the market, particularly for travel and leisure businesses where we are able to leverage our deep operational expertise for the benefit of all our investment vehicles. We are tremendously grateful for the support shown to us by our investors across our strategies.”
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Ana Goizueta, KSL’s Head of Investor Relations & Marketing added, “We are incredibly proud of our team’s efforts in this challenging fundraising environment. We believe that the capital we have raised reflects our long-standing sector focus, our investors’ understanding of the attractiveness of travel and leisure as an investment sector and with capital to deploy across equity, credit and tactical opportunities, our ability to take advantage of changing markets.”
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Simpson Thacher & Bartlett LLP served as 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

Lyle Weston / Erik Carlson

Joele Frank, Wilkinson Brimmer Katcher

KSL-JF@joelefrank.com

(212)355-4449

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DENVER, January 29, 2024 /PRNewswire/ -- KSL Capital Partners, LLC (“KSL”), a leading investor in travel and leisure businesses, today announced the final closing of a single-asset continuation vehicle for Alterra Mountain Company (“Alterra”), with total commitments of over $3 billion, including the commitments of the General Partner and rollover investors.

The transaction underscores KSL’s commitment to Alterra, while allowing KSL to return capital to limited partners. Investors in the continuation vehicle include a diverse group of state and county pension funds, corporate pension funds, sovereign wealth funds, endowments, foundations and insurance companies.

Established through a joint venture with an affiliate of Henry Crown & Company, Alterra was formed in July 2017 with the combination of Intrawest Resorts, Mammoth Resorts, Palisades Tahoe and Deer Valley Resort. In2018, Alterra created its industry-changing Ikon Pass, which today provides skiers and riders access to over 50 mountain destinations with unique terrain around the world.

“Since its formation, Alterra has grown to become an industry-leading global owner and operator of mountain destinations and brands beloved by visitors around the world. We are thrilled to reaffirm our long-term commitment to the business, and we are very grateful to our investors for supporting us in the formation of this new vehicle,” said Eric Resnick, CEO of KSL. “This transaction allowed us to provide a significant return of capital to those existing investors who desired liquidity while welcoming a new set of investors who share our excitement about the future of Alterra. We look forward to continuing to work with Alterra in its next stage of growth.”

Jared Smith, CEO of Alterra said: “What we believe makes Alterra special is that we endeavor to respect and accentuate the elements that make each of our mountain destinations unique. Our passion for the places where we operate is only exceeded by the passion of our team members and our guests. We are extremely fortunate to have partners who share this passion and who recognize that their interests and the interests of our communities, team members, and guests are inextricably linked. We thank the entire KSL team for their continued partnership and are confident that, together, we will continue to innovate and elevate while remaining good stewards of these incredible places we get to call home.”

Morgan Stanley & Co. LLC served as financial advisor to KSL Capital Partners on the transaction. Simpson Thacher &Bartlett LLP and Hogan Lovells US LLP served as legal advisors to KSL Capital Partners on the transaction.

About Alterra Mountain Company

Alterra Mountain Company is a family of iconic year-round mountain destinations, the world’s largest heli-skiing operation, and Ikon Pass- a premier ski and snowboard season pass offering access to more than 50iconic mountain destinations around the world. Headquartered in Denver, Colorado and born out of a shared love of the mountains and adventure, the company has brought together some of the world’s most aspirational brands, including: Steamboat and Winter Park in Colorado; Palisades Tahoe, Mammoth Mountain, June Mountain, Big Bear Mountain Resort and Snow Valley in California; Stratton Mountain and Sugarbush Resort in Vermont; Snowshoe Mountain in West Virginia; Tremblant in Quebec and Blue Mountain in Ontario, Canada; Crystal Mountain in Washington; Schweitzer in Idaho; Deer Valley Resort and Solitude Mountain Resort in Utah; and CMH Heli-Skiing & Summer Adventures in British Columbia. Also included in the portfolio are Alpine Aerotech, a worldwide helicopter support and maintenance service center in British Columbia, Canada, Aspenware, the ski industry leader in technology services and e-commerce, and Ski Butlers, a leader in ski and snowboard rental delivery. For more information, please visit www.alterramtn.co.

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 Contacts

Alterra Mountain Company

Kristin Rust

(303)801-7271

krust@alterramtnco.com

KSL Capital Partners

Jon Keehner / Lyle Weston / Erik Carlson

Joele Frank, Wilkinson Brimmer Katcher

KSL-JF@joelefrank.com

(212)355-4449

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