KSL Capital Partners

What KSL Capital Partners does

KSL Capital Partners is a Denver-headquartered private equity firm founded in 2005 by investment professionals with prior operating experience in hospitality, dedicated exclusively to Travel & Leisure investments. The firm's investing activity in the sector dates to 1992, and it reports $26 billion of Regulatory Assets Under Management (Form ADV, December 2025), approximately $25 billion of capital raised cumulatively since 2005, and 200+ businesses invested in across North America, Europe, APAC, and Latin America. KSL operates through three complementary investment strategies: Equity (currently investing from KSL Capital Partners VI), Private Credit (KSL Credit Fund IV, providing senior, mezzanine and construction loans to hospitality assets), and Tactical Opportunities (KSL Tactical Opportunities II, providing bespoke structured solutions outside the traditional equity and credit mandates). Approximately 80% of equity investments are underpinned by hard assets, and the firm maintains offices in Denver (HQ), New York, Stamford, and London.

The firm's core "technology" is its operator-first investment platform: a dedicated Strategic Operating Team partners with portfolio company management to formulate and execute business plans for both organic and inorganic growth. KSL also owns and operates an owner-operator arm, Peregrine Hospitality (rebranded from KSL Resorts in January 2025), which manages and asset-manages 64 hotels valued at $2.5 billion, all owned by KSL or its affiliates. The portfolio spans hospitality (Hersha, Soneva, Beaumier, The Pig, Sereno, Cameron House, Eden, Marram, Outrigger), recreation (Alterra Mountain Company and Ikon Pass, Atlantic Aviation, Flexjet), clubs (Invited Clubs, Heritage Golf), marinas (Southern Marinas, divested to Stonepeak in 2026), wellness (Third Space), and travel services. Joint platforms include Tortuga Resorts (formed with Rodina for Hyatt's $2B Playa portfolio) and a long-standing JV with East West Partners for U.S. resort real estate.

KSL makes money through three standard private equity revenue streams: management fees on committed and invested capital across its equity, credit, and tactical opportunities funds; carried interest on fund realizations; and property-level operating revenue from the Peregrine Hospitality owner-operator platform. Fund terms (fees, carry, hurdle rates, minimum LP commitments) are not publicly disclosed. The firm raises capital via direct institutional sales to limited partners globally, supported by a dedicated capital formation function (including the newly created Head of EMEA Capital Formation role) and high-touch co-investor relationships with peer alternative asset managers (L Catterton, Madison Realty Capital, KKR, J. Safra Group, Apollo, Stonepeak, JPMorgan, Hyatt). Media relations are handled by Joele Frank, Wilkinson Brimmer Katcher, and the firm leverages Juniper Square for LP portal access.

Name

KSL Capital Partners

Legal name

KSL Capital Partners, LLC

Website

https://kslcapital.com

Company type

Private

Founded year

2005

Operating status

Operating

Headcount range

101–250 employees

Short description

KSL Capital Partners is a Denver-based private equity firm exclusively dedicated to Travel & Leisure investments, managing $26 billion in AUM through equity, private credit, and tactical opportunities strategies for institutional limited partners across North America and Europe.

Ownership category

akta.pro rank

Headquarters

HQ city

Denver

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Infrastructure, Others

Revenue model

1. Private Equity Fund Management: KSL Capital Partners VI, V, IV and earlier equity funds invest exclusively in Travel & Leisure businesses. Revenue is generated through management fees on committed/invested capital plus carried interest (performance fees) on fund realizations. KSL has invested in over 200 businesses.
2. Private Credit Lending: KSL Credit Fund IV and earlier credit funds generate returns through current income with a focus on downside protection, targeting high-quality assets in high barrier-to-entry markets. Revenue is generated via interest income on senior, mezzanine and construction loans to hospitality assets.
3. Tactical Opportunities Investing: KSL Tactical Opportunities II and earlier Tac Opps funds provide flexible capital solutions outside traditional equity and credit mandates, structuring unique solutions for clients and generating revenue through management fees, deal economics, and equity participation.
4. Asset Management & Owner-Operator Operations: Through portfolio platforms such as Peregrine Hospitality (the owner-operator arm of KSL), the firm earns property-level operating revenue by managing and asset-managing 64 hotels valued at $2.5 billion, all owned by KSL or its affiliates.

Go-to-market motion4 records

Distribution channels4 records

Marketing channels6 records

Core offering

KSL Capital Partners is a sector-focused private equity firm that invests exclusively in Travel & Leisure businesses through three complementary strategies: Equity (KSL Capital Partners VI), Private Credit (KSL Credit Fund IV), and Tactical Opportunities (KSL Tactical Opportunities II). The firm partners with management teams of hotels, resorts, clubs, marinas, mountain destinations and travel services businesses to provide strategic capital and operational support across North America, Europe, APAC and Latin America. KSL also operates an owner-operator arm, Peregrine Hospitality, that manages and asset-manages 64 hotels valued at $2.5 billion owned by KSL or its affiliates.

Product overview

KSL Capital Partners operates a unified private equity platform dedicated exclusively to Travel & Leisure investments, organized around three complementary strategies: Equity (KSL Capital Partners VI), Private Credit (KSL Credit Fund IV), and Tactical Opportunities (KSL Tactical Opportunities II). The Equity strategy underpins the bulk of KSL's portfolio — roughly 80% — through equity investments backed by hard assets, exemplified by key operating platforms and brand investments such as Peregrine Hospitality (the rebranded owner-operator arm managing 64 hotels), Tortuga Resorts (a luxury beachfront hospitality platform across Mexico and the Caribbean formed with Rodina), and a diverse global portfolio spanning more than 190 businesses to date across hospitality, recreation, clubs, real estate and travel services. The Private Credit strategy generates current income with downside protection on high-quality assets in high-barrier markets, with investments such as the citizenM Portfolio, Cooper's Hawk, and various hotel properties. The Tactical Opportunities strategy delivers structured solutions outside the traditional equity and credit mandates, exemplified by investments such as Atlantic Aviation Holdings, Flexjet, The Westin Hilton Head, and JW Marriott Clearwater. Together, the three strategies allow KSL to invest across the risk spectrum and through market cycles, supported by approximately $26 billion of assets under management, 200+ businesses invested in, and 55,000+ employees across the portfolio.

Differentiator

Problem solved

Functional benefit

Brands

• Peregrine Hospitality: Owner-operator arm of KSL managing and asset-managing 64 hotels valued at $2.5 billion, all owned by KSL or its affiliates.
• KSL Resorts (former name of Peregrine Hospitality)

Products and services

• Equity Strategy (KSL Capital Partners VI) KSL's flagship equity strategy invests in Travel & Leisure operating companies and real estate through majority and full buyouts, targeting asset-heavy businesses (~80% hard-asset backed) across hotels, resorts, mountain destinations, clubs, marinas, and travel services. Currently investing from KSL Capital Partners VI. Intended for institutional limited partners globally.
• Private Credit Strategy (KSL Credit Fund IV) KSL's dedicated credit strategy provides senior, mezzanine and construction loans to high-quality hospitality assets in high-barrier-to-entry markets, generating returns through current income with a focus on downside protection. Currently investing from KSL Credit Fund IV. Intended for institutional LPs and hotel owners/developers seeking sector-knowledgeable debt capital.
• Tactical Opportunities Strategy (KSL Tactical Opportunities II) KSL's Tactical Opportunities strategy delivers flexible capital solutions outside traditional Equity and Credit mandates, structuring bespoke investments in complex transactions, recapitalizations, structured deals and special situations. Currently investing from KSL Tactical Opportunities II. Intended for operators, owners and counterparties requiring bespoke Travel & Leisure solutions.
• Peregrine Hospitality Peregrine Hospitality is the owner-operator arm of KSL Capital Partners (rebranded from KSL Resorts in January 2025). It manages and asset-manages 64 hotels valued at $2.5 billion, all owned by KSL or its affiliates, with disciplined operations across talent development, branding, and ancillary revenue.
• Tortuga Resorts Tortuga Resorts is a premier real estate and asset management platform focused on luxury beachfront hospitality across Mexico and the Caribbean, formed by KSL Capital Partners and Rodina. It acquired 14 all-inclusive resort assets from Hyatt for approximately $2 billion.

Quantifiable outcome

• Operates a portfolio of 64 hotels valued at $2.5 billion under owner-operator arm Peregrine Hospitality.
• +5 more outcomes

Named customers20 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Twelve partnerships are on record, tiered core, flagship and minor.

• Tidal Real Estate PartnerscoreStrategic or Co-development Partner · 9 February 2026Developer of The Nashville EDITION Hotel & Residences in collaboration with Left Lane Development and Marriott International; KSL Capital Partners and Madison Realty Capital provided $371.5 million in financing.
• Hyatt Hotels CorporationcoreStrategic or Co-development Partner · 30 December 2025Hyatt completed the $2 billion sale of 14 all-inclusive resort assets from the acquired Playa Hotels & Resorts portfolio to Tortuga Resorts, retaining $200 million of preferred equity and entering 50-year management agreements for most properties.
• RodinaflagshipStrategic or Co-development Partner · 30 December 2025Rodina co-founded Tortuga Resorts alongside KSL Capital Partners; Tortuga is a premier real estate and asset management platform focused on luxury beachfront hospitality across Mexico and the Caribbean.
• Eden HotelscoreStrategic or Co-development Partner · 20 December 2021KSL Capital Partners acquired a majority stake in Dutch hotel group Eden Hotels, which owns and operates 14 hotels mainly in the Netherlands, with plans to expand across Europe.
• East West PartnersflagshipStrategic or Co-development PartnerKSL and East West Partners have a JV to pursue resort real estate acquisition and development opportunities throughout the United States, with a 30-year history of working together dating back to the founders' common time in Vail and Beaver Creek.
• Apple Leisure GroupflagshipStrategic or Co-development PartnerKSL and KKR jointly acquired Apple Leisure Group, a leading North American resort brand management and leisure travel distribution platform.
• Joele Frank, Wilkinson Brimmer KatchercoreGTM or Marketing PartnerRetained media relations firm handling KSL's press communications ([email protected], (212) 355-4449) including press releases for major transactions such as Southern Marinas recapitalization and Tortuga Resorts acquisitions.
• UN Principles for Responsible Investment (PRI)minorOthersKSL is a signatory to the UN Principles for Responsible Investment, furthering its commitment to continual improvement of responsible investment practices and incorporation of sustainability factors into investment analysis.
• Energy and Environment Alliance (EEA)minorOthersKSL is a founding member of the Energy and Environment Alliance, a global coalition of hotel investors, developers, owners, operators, and asset managers working collaboratively to transition hotels to embrace sustainability stewardship.
• SEO (Sponsors for Educational Opportunity)minorOthersPartnership with SEO, a non-profit focused on closing academic and career opportunity for motivated young people from underserved communities; KSL actively participates in the SEO Alternative Investments program and SEO Career program.
• Out InvestorsminorOthersAffiliation with Out Investors, a global organization founded with the mission to make the direct investing industry more welcoming for LGBT+ individuals.
• Minds Matter ColoradominorOthersKSL contributes to Minds Matter Colorado's fundraising and community-building efforts, including an annual year-end benefit event and mentorship programming connecting driven students from low-income families to college opportunities.

Scale indicators9 records

Recent moves13 records

Expansion highlights6 records

Direct peers

• Blackstone: Global alternative asset manager with the largest hospitality and travel real estate book, including the 2024 acquisition of KSL's Village Hotels portfolio for £850M. Competes with KSL on marquee T&L deals and has materially deeper capital pools.
• Starwood Capital Group: Sector-specialist alternative investment firm founded by Barry Sternlicht with deep T&L and hospitality exposure. Closest comparable in operating-led, sector-exclusive approach to KSL.
• KKR: Global alternative asset manager that jointly acquired Apple Leisure Group with KSL in March 2025. Has a sizeable T&L platform and competes for similar large-cap travel deals.
• Apollo Global Management: Large alternative asset manager that sold Invited Clubs to KSL for approximately $3B in June 2026. Both firms target operational hospitality, leisure, and consumer platforms with significant dry powder.
• Certares: Travel- and leisure-focused private investment firm founded by Michael Kapur (ex-Cerberus). Direct competitor for mid-market T&L deals with a similar specialist mandate.
• Aermont Capital: European-headquartered private equity firm focused on real estate and travel & leisure assets. Closest European geographic competitor to KSL's London-led international team.

Broad incumbents

• Brookfield Asset Management: Mega-scale alternative asset manager with hospitality and leisure real estate investments across funds. Operates as a broad incumbent across multiple asset classes, including T&L exposure.

Regional players

• EQT Partners: Large European private equity firm with travel, leisure, and hospitality exposure across funds. Competes regionally for European T&L transactions but is broader in mandate.

Others

• L Catterton: Consumer-focused private equity firm (LVMH-affiliated) that co-led the $800M Flexjet equity round with KSL and J. Safra Group in July 2025. Adjacent peer given overlapping deal flow in premium lifestyle and travel.
• Stonepeak: Infrastructure- and real assets-focused alternative manager that acquired Southern Marinas from KSL in April 2026. Acts as both counterparty and adjacent competitor for marina and leisure infrastructure assets.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/ksl-capital-partners

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles18 records

Subsidiaries7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A13 records

Investments6 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about KSL Capital Partners