After an initial investment in 2019, the PE firms exercised
its right to convert securities to take the majority interest.
DENVER – KSL Capital Partners has taken control of another
high-profile boutique hotel brand, having increased its stake to become the majority
owner of the sustainable luxury hotel brand Soneva, which was founded in 1995
by Sonu and Eva Shivdasani.
Hotel Investment Today has learned that Shivdasani, who was also a co-founder of the Six Senses brand, remains a minority shareholder in Soneva. However, KSL said Neil Gallagher has been appointed CEO of Soneva to lead the next phase for the brand. He previously served as CEO and CFO of Clermont Hotel Group (formerly glh Hotels Management). He also held leadership roles at IHG Hotels & Resorts, including CFO, Europe.
Soneva currently has the Soneva Fushi, Soneva Jani, Soneva Secret and the Soneva in Aqua yacht in the Maldives. The brand’s SLOW LIFE motto focuses on guests’ reconnecting with themselves and the natural world around them, as well as responsible tourism.
KSL intends not only to continue but to strengthen what has made Soneva a leader in experiential luxury. Following the recent opening of Soneva Secret, KSL remains focused on expanding Soneva’s operations and further investing in its existing resorts.
KSL Capital Partners
In a statement to Hotel Investment Today, KSL said, “KSL intends not only to
continue but to strengthen what has made Soneva a leader in experiential
luxury. Following the recent opening of Soneva Secret, KSL remains focused on
expanding Soneva’s operations and further investing in its existing resorts.“
KSL took an original stake in Soneva in 2019, at the time believed
to be in the 35% to 40% range and on Friday stated it had exercised its right
to convert certain securities to take the majority interest.
KSL previously got involved in international lifestyle brands in March 2022, when it acquired the parent company of The Pig Hotels in the U.K., a collection of hip British country house hotels with a big emphasis on F&B.
In addition, in July 2023, a KSL also bought a significant stake in the ultra-luxury Sereno Hotels in Italy.
Last August, KSL said it would invest $21 million in the
77-key W Maldives to fully renovate the resort. It also planned to recommence
capital spending at the 176-key Sheraton Maldives Full Moon Resort & Spa. KSL
acquired the W Maldives and Sheraton Maldives in June 2022.
Earlier this month, KSL acquired the JW Marriott Venice
Resort & Spa from Aareal Bank Group.