Apple Leisure Group Sold
by Jessica Montevago
Apple Leisure Group Sold

Dreams Resorts & Spas falls under the Apple Leisure umbrella. Photo: Nan Palmero

Apple Leisure Group announced Tuesday it reached a deal with financial firms KKR and an affiliate of KSL Capital Partners to be bought for an undisclosed amount.

Earlier this year, ALG owner Bain Capital Private Equity hired an investment bank to explore a sale of the company, receiving interest from Chinese conglomerates Fosun Group and HNA Group Co Ltd.

Philadelphia-based Apple Leisure—the leading seller of all-inclusive vacation packages in North America—is the parent company of AMResorts, AmStar, Apple Vacations, Travel Impressions and CheapCaribbean.com.

Apple Leisure referred all questions to Bain Capital, but spokesperson Charlyn Lusk declined comment when reached by TMR.

“We have spent several years searching for the right opportunity in the Caribbean,” said Richard Weissmann, a partner at KSL, in a statement. “With a devoted customer base and thousands of loyal members, we believe Apple Leisure Group has tremendous potential for future growth.”

KSL Capital Partners is a private equity firm with investments in travel and leisure businesses, including hotels and resorts, clubs, fitness, ski and resort real estate. In 2015 closed a "travel and leisure focused private equity fund, KSL Capital Partners IV, with total commitments of $2.68 billion." KKR, meanwhile, is a huge financial powerhouse and bailout firm, owner of companies like First Data, the credit card processing company. The company is worth approximately $71 billion.

The transaction is expected to close in the first quarter of 2017.

  1
  1
Comment:
You must be logged in to leave a comment Login | Register
Comments
JESS    12/13/2016 10:28:09 PM

HOPEFULLY the new owners will be more travel agent friendly instead of marketing and dealing directly to the public. Have only used parts of ALG, AMResorts, and avoided Travel Impressions like the plague! CheapCaribbean is direct to consumer only. Apple Vac could use some customer service training. Best of luck with the new ownership. Get reacquainted with retail travel agents distribution system.


0
Tip of the Day
Our clients may research online but they want someone to call in case something goes wrong. It's like a safety net. They are a very faithful client base to their travel agents.
 
Geraldine Coutinho-Meyers, Hyatt Regency Aruba Associate Director of Sales and Events
Daily Top List

Hot Destinations For Villa Rentals

1. Italy

2. Hawaii

3. Jamaica

4. St. John

5. Florida

Source: Villas of Distinction

TMR Recommendations
Top Stories
Hoteliers On The Move, January 2017
Hoteliers On The Move, January 2017

To help you keep up with your favorite GMs and hotel executives as they move around and open new properties, Mary Gostelow offers up a monthly update of who's doing what.

Ten Tips To Protect Your ID When Traveling
Ten Tips To Protect Your ID When Traveling

Help your clients avoid becoming a victim of identity theft when traveling with these tips.

Several Dead As Central Italy Again Rocked By Earthquakes
Several Dead As Central Italy Again Rocked By Earthquakes

Four powerful quakes greater than a 5.0 on the Richter scale hit the region. 

Vietnam Visas Can Be Confusing
Vietnam Visas Can Be Confusing

Confusion surrounding a 2016 travel visa agreement with Vietnam has many agents reconfirming their procedures.

Hyatt Expands Wellness Category, Acquires Miraval
Hyatt Expands Wellness Category, Acquires Miraval

The wellness resort and spa brand operates the acclaimed Miraval Arizona in Tucson.

Aruba Hotels Partner To Handle Growing Demand
Aruba Hotels Partner To Handle Growing Demand

When it comes to hot trends for 2017, destination weddings and corporate incentives have a lot in common.

News Briefs
Advertiser's Voice
Advertiser's Voice: Holland America Line