New investor to infuse capital capacity, accelerate Outrigger's growth plan
Business to continue as usual; Company's headquarters to remain in Honolulu
Current management team to continue leading the company
Outrigger Hotels and Resorts (Outrigger) and KSL Capital Partners, LLC (KSL) announced today 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."
"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."
"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, localized 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.
Additional materials regarding the transaction are available at www.OurVoyageContinues.com.