Pegasus Capital Advisors L.P., a US-based private equity fund manager, through one or more of its affiliates, has acquired the Bangkok-based ultra-luxury resort and spa management business of Six Senses Resorts & Spas for an undisclosed sum. Following the terms of the binding agreement signed in April 2012, Pegasus now holds the rights to the Six Senses and Evason resort and spa management contracts and related intellectual property. Sustainable Luxury Holdings (BVI) Limited, a newly-formed company managed by Pegasus and its affiliates, will operate these newly acquired assets.
Bernhard Bohnenberger, currently the president of Six Senses, will be continuing in that role and heading the Six Senses’ Bangkok office.
“Six Senses is an internationally recognized brand built on unparalleled guest service and experiences, while being a leader in sustainable hospitality with a strong sense of environmental responsibility,” said Craig Cogut, founder, Pegasus Capital Advisors. “Just as we saw in April, we see a significant opportunity for the brand to grow and continue evolving on this heritage. Six Senses is now a debt-free company, and will continue to pursue opportunities in new and existing international markets with a focus on unique destinations. We are confident that our president Bernhard Bohnenberger and our management team will continue the Six Senses legacy."
This transaction involved the purchase of rights to manage and operate the Six Senses and Evason branded luxury resort properties and spas, and did not include a purchase of interests in any of the physical real estate related to such resorts or spas. Further announcements will be made in the upcoming months. The new generation of Six Senses will consist of 28 branded spas around the world and the following Six Senses branded resort properties:
• Six Senses Laamu (Maldives)
• Six Senses Zighy Bay (Oman)
• Six Senses Yao Noi (Thailand)
• Six Senses Samui (Thailand)
• Six Senses Hua Hin (Thailand)
• Six Senses Con Dao (Vietnam)
• Six Senses Ninh Van Bay (Vietnam)
• Six Senses Saigon River (Vietnam) Under Construction
• Six Senses Qing Cheng Mountain (China) Under Construction
• Evason Ana Mandara (Vietnam)
• Evason Hua Hin (Thailand)
• Evason Ma’In (Jordan)
The Soneva brand and resorts, as well as the company’s real estate assets and holdings, were not acquired by Pegasus and will continue to be owned by Sonu Shivdasani, the former founder and CEO of Six Senses, who will serve as chairman and CEO and principal shareholder of The Soneva Group.
Pegasus was advised in the transaction by White & Case, LLP, based in New York, and Six Senses Resorts and Spas was advised by Maxwell Winward, LLP, based in London.
About Six Senses Resorts & Spas
Six Senses Resorts and Spas has earned a global following by providing award-winning guest experiences and state of the art wellness programs in some of the world's most beautiful locations. With properties under management in Asia, the Middle East, the Americas and Europe, the name Six Senses is synonymous with a unique style of luxury – authentic, relaxed and in tune with the surrounding environment. In all, Six Senses manages 12 resorts and 28 spas in 20 countries around the world, with another 15 under construction or development. Six Senses Resorts and Spas will maintain offices in Bangkok, New York and Singapore. For further information, please visit www.sixsenses.com.
About Pegasus Capital Advisors, L.P.
Pegasus Capital Advisors, L.P. is a private equity fund manager that has over 15 years of experience providing creative capital solutions to companies impacted by global trends in resource scarcity. By creating a close working partnership between their experienced investment professionals and a seasoned team of Operating Partners, Pegasus is able to create substantial growth within its portfolio. Pegasus manages approximately $2.9 billion in assets.
About The Soneva Group
The Soneva Group is a world leading luxury resort operator focused on “Intelligent Luxury”. It is made up of the flagship Soneva Fushi resort in the Maldives and Soneva Kiri in Thailand. The Soneva Group also holds majority stakes in various resort assets in the Maldives and Thailand. Two further Soneva resorts – in Greece and Sri Lanka – are currently under development. Soneva in Aqua, a new yacht experience, will be launched in the Maldives later this year. The Soneva Group is committed to their SLOW LIFE philosophy: Sustainable-Local-Organic-Wellness Learning-Inspiring-Fun-Experiences. The company is leading the fight against climate change within the tourism sector, with Soneva Fushi decarbonising by the end of 2013 and the other resorts to follow shortly afterwards.