Latest news with #KSLCapitalPartners
Yahoo
01-07-2025
- Business
- Yahoo
Raymond James bumps Hyatt rating as $2 bln resort sale eases balance sheet worries
-- Raymond James on Tuesday upgraded Hyatt Hotels Corp to Strong buy and lifted its price target to $165, saying a $2 billion deal to offload recently acquired Playa Hotels & Resorts real‑estate assets removes a 'significant overhang' on the stock. Hyatt shares were up about 5% Tuesday at $146 in trading. RJ said the agreement to sell all 15 Playa resorts to Tortuga Resorts, a joint venture between KSL Capital Partners and Mexico's Rodina, came sooner than expected, covered the full portfolio and accelerates Hyatt's target of raising $2 billion from asset sales by 2027. The deal values the properties at roughly eight times forecast 2024 earnings before interest, tax, depreciation and amortisation and is due to close before year‑end 2025. Raymond James wrote that the transaction 'removes a significant overhang on the stock' and praised management's execution despite macro‑economic uncertainty. It called investors' muted initial reaction 'a bit of a head‑scratcher,' arguing progress on disposals was more important than the sale multiple. The broker noted Hyatt now trades about 2.5 EBITDA turns below Marriott International (NASDAQ:MAR.O) and five turns below Hilton Worldwide (NYSE:HLT) even though more than 90% of Hyatt's earnings are expected to come from fee‑based, asset‑light operations by 2027. Hyatt has lagged Marriott by nine percentage points and Hilton by 19 points so far this year, it added. Following the divestiture, Hyatt's net purchase price for Playa's management contracts falls to roughly $555 million, or about nine times projected 2026 EBITDA, with a potential $143 million earn‑out tied to performance. The company will keep $200 million of preferred equity in the venture and retain 50‑year management agreements on 13 of the resorts, preserving fee income while lightening its balance sheet. Hyatt bought Playa for $2.6 billion only two weeks ago to expand in the fast‑growing all‑inclusive segment. The swift flip of the bricks‑and‑mortar assets 'underscores management's commitment to an asset‑light strategy,' Raymond James said. Related articles Raymond James bumps Hyatt rating as $2 bln resort sale eases balance sheet worries Nuclear microreactor stocks fall after DOE selects Westinghouse, Radiant for tests Citi sees upside for Trade Desk into Q2 results, adds on a catalyst watch Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Skift
01-07-2025
- Business
- Skift
Hyatt's $2B Flip, Six Senses Shake-Up and Europe's Heatwave Havoc
For today's pod we look at Hyatt's Playa Hotels real estate play, leadership moves at Six Senses, and Europe's brutal summer heat. Skift Daily Briefing Podcast Listen to the day's top travel stories in under four minutes every weekday. Listen to the day's top travel stories in under four minutes every weekday. Skift Travel Podcasts Good morning from Skift. It's Tuesday, July 1. Here's what you need to know about the business of travel today. Hyatt announced a deal to sell the real estate portfolio of Playa Hotels & Resorts for $2 billion, just two weeks after having purchased it, writes Hospitality Reporter Luke Martin. The deal lets Hyatt continue its push into all-inclusive resorts while maintaining its asset-light strategy. Hyatt said it plans to sell 15 resorts to Tortuga Resorts, a joint venture between private equity KSL Capital Partners and investment group Rodina. Hyatt's net cost to become the manager of Playa's resorts would be about $555 million. While Hyatt would retain the management side of Playa Hotels, Martin notes the move supports Hyatt's ongoing strategy to reduce ownership of hotel real estate. The company now derives over 80% of its earnings from asset-light operations, up from 40% when it went public in 2009. Listen to This Podcast Apple Podcasts | Spotify | Youtube | RSS Next, Neil Jacobs said he's stepping down as CEO of Six Senses after having led the ultra-luxury resort brand for 13 years, write Hospitality Reporter Luke Martin and Senior Hospitality Editor Sean O'Neill. Jacobs led Six Senses through a major expansion and its acquisition by IHG in 2019. Under his leadership, the Thailand-based Six Senses grew from eight Asian beachfront resorts into a globally recognized brand with 26 open properties in locations such as Fiji and the Seychelles. Since IHG's acquisition, Jacobs has expanded Six Senses into Europe, the Caribbean, and Africa. Finally, authorities in several European countries have issued heat-related travel advisories for popular tourist destinations on the continent, writes Climate Reporter Darin Graham. As a heat wave has swept across the Mediterranean, officials in Sweden and Germany have issued warnings for destinations in several European destinations, including Spain. Sweden's foreign ministry warned that temperatures in some parts of Spain would top 100 degrees Fahrenheit. Graham notes the extreme heat is the latest example of how Europe, the fastest-warming continent, is increasingly feeling the impact of the climate crisis. Wildfires have prompted evacuations in France while Spanish media recently reported a tourist died from heatstroke in Majorca.
Travel Weekly
01-07-2025
- Business
- Travel Weekly
Hyatt to sell all its Playa real estate to an investment joint venture
Hyatt Hotels Corp. has agreed to sell the entire real estate portfolio it acquired from Playa Hotels & Resorts for $2 billion to Tortuga Resorts, a joint venture between investment firms KSL Capital Partners and Rodina. The deal, which is expected to close before the end of the year, comprises 15 all-inclusive resort properties across Mexico, the Dominican Republic and Jamaica. Following the real estate sale, Hyatt will maintain operational control through 50-year management agreements for 13 of the 15 properties. Two properties will operate under separate arrangements. Hyatt said it could earn an additional $143 million if certain operating thresholds are met. Additionally, Hyatt reported that the transaction reduces its net purchase price for Playa's management business to approximately $555 million after asset sale proceeds. Hyatt's $2.6 billion acquisition of the Playa portfolio closed on June 17. The company began reflagging a portion of Playa's all-inclusives earlier this month.
Skift
28-05-2025
- Business
- Skift
KSL Capital Partners Takes Majority Stake in Soneva
Sri Lanka's Tourism Minister announced the country is on track to achieve $5 billion in tourism revenue this year, driven by political stability and rapid growth in visitor arrivals. In 1Q25, Sri Lanka generated $1.2 billion in tourism revenue with expectations of $2.5 billion by mid-year. They will welcome their one millionth visitor of the year this week, nearly a month ahead of last year's timeline. 91,785 visitors arrived in the first 21 days of May. Singapore's Changi Airport set a new all-time record for passenger movements in 2024, up 9% year on year to 68.4 million. Following an initial investment in 2019, KSL Capital Partners exercised its right to convert securities to take a majority interest in sustainable luxury hotel brand Soneva. The Shivdasanis, the founders, will retain a stake. Neil Gallagher was appointed CEO of Soneva, coming to them from Clermont Hotel Group, where he was CEO and CFO. Marriott International, Inc. announced the global launch of its new collection brand for the midscale and upscale lodging segments, Series by Marriott, as the company continues to expand its lodging offerings around the world. Series by Marriott marks its initial launch through a founding deal with Concept Hospitality Private Limited (CHPL) in India, a key growth market for Marriott. Under the strategic agreement between CHPL and Marriott, CHPL's flagship brands, The Fern, The Fern Residency, and The Fern Habitat, will affiliate with Series by Marriott on an exclusive basis across India, and Marriott will make a small equity investment in CHPL. The Fern portfolio is currently comprised of 84 open properties and 31 executed pipeline deals, totaling 115 properties and approximately 8,000 rooms. Fern properties are expected to join Marriott's portfolio in India over time following discussions with the third-party hotel owners and execution of long-term franchise agreements with those owners. Boutique Corporation Public Company Limited signed a development and management agreement with Marriott International to launch the new JW Marriott Hotel Bangkok Sukhumvit 24, located in the Phrom Phong district. The 5-star development is one of Boutique Corporation's largest projects to date. The hotel is to be set on over 3 rai of prime land in central Sukhumvit and include premium guest rooms, fine dining restaurants, meeting and conference facilities, a grand ballroom, and a rooftop bar and restaurant with panoramic views of Bangkok. Construction is expected to begin in 2026 with an opening in 2030. Pontiac Land Group announced the official naming of the former Department of Lands building in Sydney, Australia, as The Lands by Capella. The Lands by Capella and existing Capella Sydney will be known as The Sandstone Precinct. The two Sandstone buildings mark Pontiac Land Group's first mixed-use development in Australia and are one of the largest privately funded tourism infrastructure projects in NSW. The Lands by Capella is expected to open in a heritage-listed building in 1Q 2026. It will offer approximately 10,000 square meters of luxury retail, refreshing F&B concepts with rooftop dining and large-scale event spaces, and be home to Florence Guild's newest venture, The Sandstones Club by Florence Guild. The 144-room Sebel Canberra Civic in Australia is on the market, six years after its opening. The hotel is located in the heart of the city, opposite the Legislative Assembly, occupying levels 1-9 of the 10-story building with 144 upscale, self-contained apartment-style guest rooms. Colliers is marketing the hotel for sale, expecting it to have a sale price of $50 million. Partnering with JH Group, IHG Hotels & Resorts will open voco Darwin Suites in the heart of the city's CBD, within walking distance to Darwin Convention Centre in Darwin, Australia. The 87-room voco Darwin Suites will be converted from a repurposed commercial office building and features an all-day dining restaurant, meeting space, fitness center, and outdoor pool. Radisson Hotel Group announced the opening of Radisson Blu Hotel, Shanghai Stadium, situated in the heart of Xujiahui Sports Park. The hotel features 208 rooms and suites, occupying floors 6 to 12 of Shanghai Stadium with sizes ranging from 38 to 200 square meters. The hotel includes nearly 1,000 square meters of meeting and events spaces, three distinct dining venues, and a fitness center with a hyperbaric oxygen chamber, workout facilities, and a swimming pool. Radisson Hotel Group also said they opened five new hotels in India in the first half of 2025 in Jamshedpur, Yelahanka, Koti, Gaj, and Prayagraj. They also signed three new hotels in the Eastern region. Hotel Deoghar in Jharkhand, Radisson RED Puri in Odisha, and Radisson Resort and Spa, Ranchi in Jharkhand are the new signings with a combined key count of 400. I.P. Constructions Private Limited announced the grand opening of Ramada by Wyndham Ghaziabad Vasundhara, a hotel located in the hub of Ghaziabad, India. The 160-room property has been years in the making. Thailand's Deputy Finance Minister Julapun Amornvivat continues to be the lead guy in trying to sway public opinion on the proposed Entertainment Casino Complexes that are expected to be approved by lawmakers in July, despite local opposition. He said his conversations with international hotel casino companies led him to believe the investments could reach US$6.2 to US$9 billion each, up from the expected US$3.1 billion. He did leave out the caveat that these companies are demanding ultra-low tax rates, a liberal policy to allow locals to gamble, and support from the government. The Bangkok Post painted a bit of a different picture, saying tensions are rising between the ruling Pheu Thai Party and coalition party Bhumjaithai. Remember that the coalition partner had a very outspoken comment against the entertainment complexes, even though they are supposed to be partners with the ruling party. The newspaper said the Bhumjaithai may not support the 2026 budget bill. OYO is said to have started discussions with bankers for yet another attempt at an IPO. This time, they are targeting a listing in the final quarter of the current financial year. Preliminary discussions with bankers have suggested a potential valuation of US$6 to US$7 billion for the IPO. OYO is engaging with both Indian and international banking institutions and aims to file the DRHP documents between August and September.
Yahoo
26-05-2025
- Business
- Yahoo
KSL Capital Partners acquires majority interest in Soneva Group
An affiliate of alternative investment firm KSL Capital Partners has acquired a majority interest in Soneva Group, a company in sustainable luxury hospitality operating since 1995. The firm exercised its right to convert certain securities, following its initial minority investment in November 2019. This move reinforces KSL's commitment to Soneva's strategy and its unique position in the luxury experiential travel market. Neil Gallagher has been named CEO of Soneva, bringing over 20 years of international hospitality experience from the US, Europe, the Middle East, and the Caribbean. His previous roles include positions at Clermont Hotel Group, IHG Hotels & Resorts, and Marriott Vacation Club International. Soneva's portfolio includes Soneva Fushi, Soneva Jani, Soneva Secret, and the Soneva in Aqua yacht in the Maldives. KSL Capital Partners focuses on investments in the travel and leisure sectors, including hospitality, recreation, clubs, real estate, and travel services. With equity, credit, and tactical opportunities funds, KSL has a global portfolio of resorts and hospitality brands. Earlier this month, KSL also broadened its presence in Europe by acquiring JW Marriott Venice Resort & Spa from Aareal Bank Group, a property banking specialist. This marks the first equity investment by KSL's European Capital Solutions platform, targeting high-quality urban and resort developments in Europe. In July 2023, a KSL affiliate bought a significant stake in Sereno Hotels, founded by the Contreras family and known for its ultra-luxury hotels Il Sereno and Le Sereno in Italy. The sum for this acquisition has not been disclosed. "KSL Capital Partners acquires majority interest in Soneva Group" was originally created and published by Hotel Management Network, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
