HONOLULU—Outrigger Hotels and Resorts and KSL Capital Partners, LLC revealed 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 multibranded 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.”
“Since my grandparents, Roy and Estelle Kelley, founded Outrigger in 1947, our family-run hospitality business has created world-class vacations for millions of travelers and life-changing employment opportunities for our hosts,” said Dr. Charles Kelley, board chairman of Outrigger Enterprises Group. “Our family is humbled to have had the privilege of leading this company for nearly 70 years and to have worked with some of the best in the industry. 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.”
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. 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.