Private equity firms KKR & Co. and KSL Capital Partners LLC have bought Apple Leisure Group, the Wall Street Journal and other media outlets are reporting. Terms of the deal, which is expected to close in the first quarter of 2017, were not disclosed.
The two companies bought Apple Leisure Group from Bain Capital Private Equity, according to Mergers & Acquisitions. KSL, headquartered in Denver, Colorado, targets investments in travel and leisure, including the Village Urban Resorts in the UK, the Belfry and the Miraval Resort & Spa in Tuscon, AZ. KKR is a global investment firm with investments in private equity, energy, infrastructure, real estate, credit and hedge funds.
Apple Leisure Group owns AMResorts, which includes the Zoetry Welness & Spa Resorts, Secrets Resorts & Spas, Breathless Resorts & Spas, Dreams Resorts & Spas, Now Resorts & Spas, and Sunscape Resorts & Spasbrands, as well as Apple Vacations, Travel Impressions, CheapCaribbean.com, Amstar, Worldstar and Unlimited Vacation Club.
“We are pleased to be partnering with KKR and KSL for our next phase of growth,” said Alex Zozaya, CEO of Apple Leisure Group, in a written release. “They share our commitment to the vision of Apple Leisure Group as we continue to deliver great results to travelers, guests and hotel owners. We are extremely appreciative of Bain Capital Private Equity’s partnership and support in executing our growth mission and helping us strengthen our leadership position over the past four years.”