Apple Leisure Group is changing hands after agreement was reached by private equity firms KSL Capital Partners and KKR to buy the business from current owner Bain Capital.
The transaction is slated to close during the first quarter of 2017 and follows KSL Capital’s recent agreement to acquire Hawaii based Outrigger Hotels and Resorts.
The deal includes the group’s various business units including Apple Vacations, Travel Impressions AMResorts and Amstar.
"We are pleased to be partnering with KKR and KSL for our next phase of growth. They share our commitment to the vision of Apple Leisure Group as we continue to deliver great results to travelers, guests and hotel owners," said CEO Alex Zozaya in a statement.
"We are extremely appreciative of Bain Capital Private Equity’s partnership and support in executing our growth mission and helping us strengthen our leadership position over the past four years."
Exact terms of the transaction were not disclosed.
KSL partner Richard Weissmann said: "With a devoted customer base and thousands of loyal members, we believe Apple Leisure Group has tremendous potential for future growth."
