AS tipped by TTG Asia e-Daily on February 15, US-based private equity fund manager, Pegasus Capital Advisors, through one or more of its affiliates, has entered into a binding agreement to buy Bangkok-based Six Senses Resorts & Spas for an undisclosed sum.
Under the terms of the deal, Pegasus will acquire all of the Six Senses and Evason branded resort and spa management contracts and related intellectual property rights and operate them under a new company managed by Pegasus and its affiliates.
Bernhard Bohnenberger, currently the president of Six Senses, will be continuing in that role and heading the Six Senses’ Bangkok office.
In a statement, Craig Cogut, founder, Pegasus Capital Advisors, said: "Going forward, the new Six Senses will be a debt-free company with committed capital for expansion into new and within existing international markets. We are confident that our president Bernhard Bohnenberger and our strong management team will continue to build on its legacy as a recognised leader in luxury hospitality."
The Soneva brand and resorts, as well as the company’s real estate assets and holdings, are not included in the transaction (TTG Asia e-Daily, February 15, 2012) and will continue to be led by Sonu Shivdasani, the former founder and CEO of Six Senses, who will serve as chairman, CEO and principal shareholder of The Soneva Group.
“This transaction will allow me to focus solely on the development of the Soneva portfolio of resorts and real estate assets, and allow the Soneva and Six Senses brands to flourish independently of each other,” said Shivdasani. “For myself and Eva, my wife, this means we can devote all our energies to our first love – the development of the Sonevas. Soneva will continue to operate its philanthropic arm, The Slow Life Trust, and remain dedicated to achieving environmental goals and a corporate commitment to sustainability.”
The transaction is expected to close within the next three months.