Book4Time
Book4Time
Book4Time
 
EMPLOYERS: POST A JOB
Free ezines & magazines
News Video Training Products Magazines Spa Business spa-kit Handbook What's on Advertise Subscribe
Catalogue gallery
More catalogues
Diary dates
Powered by leisurediary.com
28-29 Jul 2024
Southern Sun Rosebank, Johannesburg, South Africa
03-05 Sep 2024
IMPACT Exhibition Center, Bangkok, Thailand
03-08 Sep 2024
Cruise London, Amsterdam, Zeebrugge, United States
08-10 Sep 2024
Wyndham® Lake Buena Vista Disney Springs™ Resort, Lake Buena Vista, United States
10-12 Sep 2024
St Moritz Hotel & Spa, Wadebridge, United Kingdom
15-18 Sep 2024
Wigwam, Phoenix, United States
18 Sep 2024
Chesford Grange Hotel, Kenilworth, United Kingdom
19-19 Sep 2024
The Salil Hotel Riverside - Bangkok, Bangkok 10120, Thailand
KSL snaps up Hersha Hospitality Trust
By Liz Terry 28 Aug 2023
Cadillac Hotel and Beach Club in Miami is among the properties acquired by KSL Credit: shutterstock/MDV Edwards
Leisure investment specialist KSL is buying Hersha Hospitality Trust in a deal worth $US1.4 bn – a premium of 60 per cent on the share price
Hersha owns 25 hotels with 3,811 rooms in the US, including The Rittenhouse Philadelphia, The Parrot Key Hotel and Villas in Key West, Florida and the Sanctuary Beach Resort in California
KSL has US$21bn of capital under-investment, holding or having held or invested in a wide range of businesses from Miraval and ESPA to recent acquisition – high-end health club operator, Third Space
KSL also owns Honors Holdings, one of the biggest Orangetheory franchises and multiple hotels and resorts globally
Investment firm KSL Capital Partners has acquired the Hersha Hospitality Trust, the company behind a portfolio of spa hotels and resorts in the US.

The company owns 25 hotels with 3,811 rooms in New York, Washington DC, Boston, Philadelphia, South Florida and California, including The Rittenhouse Philadelphia, The Parrot Key Hotel and Villas in Key West, Florida and the Sanctuary Beach Resort in California.

It sold seven of its properties for US$505m (£400m, €467m) in 2022 to concentrate on the luxury and lifestyle segment.

The KSL deal was valued at US$1.4bn (£1.1bn, €1.3bn), a premium of approximately 60 per cent on Hersha’s closing share price on 25 August – the last full trading day prior to the announcement.

The transaction is expected to close in the fourth quarter of 2023, subject to customary conditions.

Certain members of Hersha’s executive management team and affiliated trusts have already signed separate voting agreements under which they agreed to support of the proposed transaction.

If the deal goes through, the company will be delisted from the New York Stock Exchange.

KSL is a serial investor in leisure assets, holding or having held or invested in a wide range of businesses from Miraval and ESPA to recent acquisition – high-end health club operator, Third Space.

KSL has US$21bn (£7bn, €19bn) of capital under investment across equity, credit and tactical opportunities funds.

The company also owns Honors Holdings, one of the biggest Orangetheory franchises and multiple hotels and resorts globally, including The Pig Hotels and Village Hotels in the UK, Bailllie Lodges in Australia, New Zealand and South America and multiple St. Regis, Sheraton, Hyatt and Hilton properties in the US. It also owned destinations spas such as Soneva Fushi and Soneva Jani in the Maldives.

KSL bought the Martin Hotels portfolio in March and a majority interest in Sereno Hotels in July.

Jay Shah, Hersha executive chair, said: “This transaction provides our shareholders with immediate and certain value at a substantial premium to our public valuation, while enabling us to refocus on growing the business over a longer period of time.”

CEO, Neil Shah, said: “This transaction is a result of our focus on lifestyle and leisure properties, as well as our work to create a portfolio consisting of some of the highest quality hotels in their respective markets.”

Marty Newburger, partner at KSL, added: “Hersha has built an impressive, curated portfolio of experiential luxury and lifestyle hotels and resorts in strategic markets. With KSL’s track record investing in high-quality assets in dynamic metropolitan markets across North America and around the world, we're uniquely suited to position the business for further success over the long term.”


News
1 to 12 of 8766 news stories
23 Jul 2024
Bavarian destination spa and hotel Schloss Elmau is looking to celebrate the joy of dance by becoming the first wellness destination in the world to offer retreats focused on the Gaga intuitive movement practice. Gaga, ... More
23 Jul 2024
Fitness-focused hospitality brand and management company Equinox Hotels has announced plans to open a modern new resort on the coast of the Gulf of Aqaba in northwest Saudi Arabia. The venture is part of the ... More
22 Jul 2024
Plans have been unveiled for La Maviglia, a new luxury resort and expansive medi-spa set to open in Italy's Puglia region, renowned for its Primitivo wine, in 2027. Spanning 202 hectares of lush olive orchard ... More
19 Jul 2024
Auberge Resorts Collection will launch its first UK property and destination spa in Mayfair, London, in 2025, following a deal with UK-based global private investment group Reuben Brothers. The 102-room hotel – called Cambridge House, ... More
19 Jul 2024
A large new mineral springs destination has launched in Texas, inspired by some of the world’s most famous hot springs – such as Jordan’s Dead Sea, Iceland’s Blue Lagoon and Mexico’s Grutas Tolantongo. Located at ... More
18 Jul 2024
A thought-provoking, US national probability study, The WELLSurvey™, has revealed that the majority of Americans now include several health and wellness practices in their everyday lives. They also view the concepts of 'wellness' and 'wellbeing' ... More
18 Jul 2024
US integrative wellness brand The Well has named Ariella Willoughby as its new VP of operations, aiming to drive significant growth and operational success across its current and future locations worldwide. The Well, which launched ... More
16 Jul 2024
Middleton Enterprises, a UK-based family investment office, has committed £1.6 million (US$2.1 million, €1.9 million) in funding to the Light Centre – a network of medical, therapeutic and wellbeing centres with four locations in London. ... More
15 Jul 2024
Rianna Riego, a seasoned professional in the wellness and spa industry, has been appointed director of global business development at Seed to Skin Tuscany, a premier Italian botanical skincare and spa brand. Riego brings more ... More
11 Jul 2024
Rugby legend, Jonny Wilkinson has been announced as a keynote speaker for the HCM Summit on 24 October in London. In an upcoming interview with HCM in preparation for his appearance at the summit, Wilkinson ... More
10 Jul 2024
The Woodland Spa, a premier UK day spa located in Burnley, Lancashire, is set to unveil the results of its £16 million (US$20.5 million, €18.9 million) transformation this August. As part of the Crow Wood ... More
08 Jul 2024
Global wellbeing organisation Therme Group is on a mission to make wellness accessible to all and is expanding globally, bringing its social spas to the US, Canada, the UK and now South Korea. Its existing ... More
     
International SPA Association - iSPA
Myrtha Wellness
Company Profile
Swissline by Dermalab
Inspired by the science of cellular rejuvenation, Swissline was founded in Switzerland in 1989, [more]
 
MORE PROFILES
Featured Supplier
Advanced regeneration technology: enhance your skin's future with myLEDmask by myBlend
MyBlend’s innovative myLEDmask is the result of years of meticulous research and development in photobiomodulation, phototherapy and laser techniques by Dr Olivier Courtin and his team of experts. ... more
Book4Time
Product news
Earthlite announces new investment partner
Earthlite announces new investment partner
Aromatherapy Associates unveils luxury Bath Butler Service for spa and hotel partners
Aromatherapy Associates unveils luxury Bath Butler Service for spa and hotel partners
Knesko Skin announces launch of Gold Repair Body Collection
Knesko Skin announces launch of Gold Repair Body Collection
Wildsmith Skin teams up with Serenbe for US market debut
Wildsmith Skin teams up with Serenbe for US market debut
Dream Machine founders Kevin Finel and Brice Battung target spa industry
Dream Machine founders Kevin Finel and Brice Battung target spa industry
TempleSpa showcases new range with treatments that ‘spark energy and joy’
TempleSpa showcases new range with treatments that ‘spark energy and joy’
Directory

 
JOBS
NEWS
VIDEO
TRAINING
PRODUCTS
MAGAZINE
 
SPA BUSINESS
SPA-KIT.NET
SPA BUSINESS HANDBOOK
SUBSCRIBE
ADVERTISE
FREE DIGITAL SUBSCRIPTIONS
CONTACT US

Leisure Media
Tel: +44 (0)1462 431385

©Cybertrek 2024



Book4Time
Book4Time
Book4Time
Book4Time
News   Products   Magazine
NEWS
KSL snaps up Hersha Hospitality Trust
POSTED 28 Aug 2023 . BY Liz Terry
Cadillac Hotel and Beach Club in Miami is among the properties acquired by KSL Credit: shutterstock/MDV Edwards
Leisure investment specialist KSL is buying Hersha Hospitality Trust in a deal worth $US1.4 bn – a premium of 60 per cent on the share price
Hersha owns 25 hotels with 3,811 rooms in the US, including The Rittenhouse Philadelphia, The Parrot Key Hotel and Villas in Key West, Florida and the Sanctuary Beach Resort in California
KSL has US$21bn of capital under-investment, holding or having held or invested in a wide range of businesses from Miraval and ESPA to recent acquisition – high-end health club operator, Third Space
KSL also owns Honors Holdings, one of the biggest Orangetheory franchises and multiple hotels and resorts globally
Investment firm KSL Capital Partners has acquired the Hersha Hospitality Trust, the company behind a portfolio of spa hotels and resorts in the US.

The company owns 25 hotels with 3,811 rooms in New York, Washington DC, Boston, Philadelphia, South Florida and California, including The Rittenhouse Philadelphia, The Parrot Key Hotel and Villas in Key West, Florida and the Sanctuary Beach Resort in California.

It sold seven of its properties for US$505m (£400m, €467m) in 2022 to concentrate on the luxury and lifestyle segment.

The KSL deal was valued at US$1.4bn (£1.1bn, €1.3bn), a premium of approximately 60 per cent on Hersha’s closing share price on 25 August – the last full trading day prior to the announcement.

The transaction is expected to close in the fourth quarter of 2023, subject to customary conditions.

Certain members of Hersha’s executive management team and affiliated trusts have already signed separate voting agreements under which they agreed to support of the proposed transaction.

If the deal goes through, the company will be delisted from the New York Stock Exchange.

KSL is a serial investor in leisure assets, holding or having held or invested in a wide range of businesses from Miraval and ESPA to recent acquisition – high-end health club operator, Third Space.

KSL has US$21bn (£7bn, €19bn) of capital under investment across equity, credit and tactical opportunities funds.

The company also owns Honors Holdings, one of the biggest Orangetheory franchises and multiple hotels and resorts globally, including The Pig Hotels and Village Hotels in the UK, Bailllie Lodges in Australia, New Zealand and South America and multiple St. Regis, Sheraton, Hyatt and Hilton properties in the US. It also owned destinations spas such as Soneva Fushi and Soneva Jani in the Maldives.

KSL bought the Martin Hotels portfolio in March and a majority interest in Sereno Hotels in July.

Jay Shah, Hersha executive chair, said: “This transaction provides our shareholders with immediate and certain value at a substantial premium to our public valuation, while enabling us to refocus on growing the business over a longer period of time.”

CEO, Neil Shah, said: “This transaction is a result of our focus on lifestyle and leisure properties, as well as our work to create a portfolio consisting of some of the highest quality hotels in their respective markets.”

Marty Newburger, partner at KSL, added: “Hersha has built an impressive, curated portfolio of experiential luxury and lifestyle hotels and resorts in strategic markets. With KSL’s track record investing in high-quality assets in dynamic metropolitan markets across North America and around the world, we're uniquely suited to position the business for further success over the long term.”
RELATED STORIES
KSL deal means Third Space can be bold in its strategy and ambitions Waggett tells HCM


Colin Waggett has revealed that the recent deal, which saw KSL Capital Partners acquire a majority interest in luxury health club operator Third Space, had been in planning for two years.
KSL acquires majority stake in Third Space ahead of 'substantial expansion'


KSL Capital Partners has acquired a majority interest in luxury health club operator Third Space from Encore Capital, who originally invested in the company in 2010.
Breaking: The Hut Group acquires ESPA


Online health and beauty retailer The Hut Group is acquiring spa and skincare brand ESPA from affiliates of KSL Capital Partners in a reported £100m deal.
Breaking: Hyatt acquires Miraval


In a move that illustrates the explosive growth of wellness tourism, Hyatt Hotels has acquired wellness resort provider Miraval Group for US$215m (€201m, £175m) from an affiliate of KSL Capital Partners.
MORE NEWS
Gaga retreats celebrating joy of dance to kick off at Schloss Elmau in Germany
Bavarian destination spa and hotel Schloss Elmau is looking to celebrate the joy of dance by becoming the first wellness destination in the world to offer retreats focused on the Gaga intuitive movement practice.
Equinox Hotels to launch futuristic wellbeing resort in Neom's luxury coastal region
Fitness-focused hospitality brand and management company Equinox Hotels has announced plans to open a modern new resort on the coast of the Gulf of Aqaba in northwest Saudi Arabia. The venture is part of the ambitious US$500 billion (€462.7 billion, £396 billion) Neom* giga- project.
La Maviglia resort and medi-spa opening in Puglia in 2027, designed by Oppenheim Architecture
Plans have been unveiled for La Maviglia, a new luxury resort and expansive medi-spa set to open in Italy's Puglia region, renowned for its Primitivo wine, in 2027.
Auberge Resorts to land in London in 2025 with two-floor spa inspired by Roman bathing
Auberge Resorts Collection will launch its first UK property and destination spa in Mayfair, London, in 2025, following a deal with UK-based global private investment group Reuben Brothers.
Texas welcomes WorldSprings: a new 46-pool social bathing hot spot and spa
A large new mineral springs destination has launched in Texas, inspired by some of the world’s most famous hot springs – such as Jordan’s Dead Sea, Iceland’s Blue Lagoon and Mexico’s Grutas Tolantongo.
New study uncovers hidden wellness market segments
A thought-provoking, US national probability study, The WELLSurvey™, has revealed that the majority of Americans now include several health and wellness practices in their everyday lives. They also view the concepts of 'wellness' and 'wellbeing' differently.
+ More news   
 
COMPANY PROFILES
SALT Chamber

Since 2012, SALT Chamber has completed over 3,600+ projects and is considered the leading authority [more...]
+ More profiles  
DIRECTORY
+ More directory  
DIARY

 

28-29 Jul 2024

Les Nouvelles Esthetiques Spa Conference 2024

Southern Sun Rosebank, Johannesburg, South Africa
03-05 Sep 2024

ASEAN Patio Pool Spa Expo

IMPACT Exhibition Center, Bangkok, Thailand
+ More diary  
 


CONTACT US

Leisure Media
Tel: +44 (0)1462 431385

©Cybertrek 2024

ABOUT LEISURE MEDIA
LEISURE MEDIA MAGAZINES
LEISURE MEDIA HANDBOOKS
LEISURE MEDIA WEBSITES
LEISURE MEDIA PRODUCT SEARCH
PRINT SUBSCRIPTIONS
FREE DIGITAL SUBSCRIPTIONS