US based private equity fund Pegasus Capital Advisors, through one or more affiliates, has acquired the Bangkok-based 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. The newly acquired assets will be operated by Sustainable Luxury Holdings (BVI) Limited, a newly-formed company managed by Pegasus.
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," Cogut added. 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. The new generation of Six Senses will consist of 28 branded spas around the world and Six Senses branded resort properties. 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. In all, Six Senses manages 12 resorts and 28 spas in 20 countries around the world.
Source