Payam Zamani came on as Inspirato CEO in August 2024. (Max Scheinblum/BusinessDen)
Inspirato’s itinerary is changing.
The Denver-based luxury travel firm has called off a deal to combine with digital marketing company Buyerlink, the private business its CEO Payam Zamani founded and owns.
The “mutual decision,” as the firms described it in a news release, comes after a minority investor told Inspirato’s board that the deal between Buyerlink and the luxury travel company “reeks of self-dealing” by Zamani.
Zamani staunchly denies that claim and on Monday chalked up the deal falling apart to shareholder concerns.
“Collective success requires a level of collective unity,” Zamani told BusinessDen. “And I think that (with) this transaction, I wish there was more unity amongst everyone involved.
“Is it surprising? No. Am I heartbroken? Yes. That’s the truth,” he added.
The canceled deal also comes after a surprise $39 million bid for Inspirato by Exclusive Resorts, another Denver-based travel firm. A spokeswoman for the company declined to comment.
Inspirato shareholders were scheduled to vote Sept. 19 on the proposed deal, which would’ve brought Buyerlink — a company Inspirato’s board said is worth $326 million — to the public market in a reverse merger. The move was announced at the end of June.
Inspirato stock closed up 4% Monday, with the price of $3.01 per share giving it a market cap of $37.5 million.
Brothers Brad and Brent Handler founded both Exclusive Resorts, in 2002, and Inspirato, in 2011. The men are no longer involved in either company’s operations, although they each own close to 4% of Inspirato.
In SEC filings, the Handlers said they support the Exclusive Resorts bid. The pair sold their ownership in Exclusive Resorts to AOL co-founder Steve Case in the mid-2000s. The Handers took Inspirato public in 2021 and unceremoniously departed around the same time Zamani came on as CEO last summer.
“We are pleased that (Inspirato) has terminated the Buyerlink deal. We encourage the company to focus on maximizing shareholder value,” Brad Handler said in an email to BusinessDen, adding that the company still supports Exclusive Resorts buying Inspirato.
Zamani said Inspirato’s board is still reviewing that offer.
“We are not for sale, but it is our job as fiduciaries of the company to consider any and all offers and strategic alternatives,” he continued. “We take the offer from Exclusive Resorts very seriously, and time will tell if that’s something that makes sense or not.”
Payam Zamani came on as Inspirato CEO in August 2024. (Max Scheinblum/BusinessDen)
Inspirato’s itinerary is changing.
The Denver-based luxury travel firm has called off a deal to combine with digital marketing company Buyerlink, the private business its CEO Payam Zamani founded and owns.
The “mutual decision,” as the firms described it in a news release, comes after a minority investor told Inspirato’s board that the deal between Buyerlink and the luxury travel company “reeks of self-dealing” by Zamani.
Zamani staunchly denies that claim and on Monday chalked up the deal falling apart to shareholder concerns.
“Collective success requires a level of collective unity,” Zamani told BusinessDen. “And I think that (with) this transaction, I wish there was more unity amongst everyone involved.
“Is it surprising? No. Am I heartbroken? Yes. That’s the truth,” he added.
The canceled deal also comes after a surprise $39 million bid for Inspirato by Exclusive Resorts, another Denver-based travel firm. A spokeswoman for the company declined to comment.
Inspirato shareholders were scheduled to vote Sept. 19 on the proposed deal, which would’ve brought Buyerlink — a company Inspirato’s board said is worth $326 million — to the public market in a reverse merger. The move was announced at the end of June.
Inspirato stock closed up 4% Monday, with the price of $3.01 per share giving it a market cap of $37.5 million.
Brothers Brad and Brent Handler founded both Exclusive Resorts, in 2002, and Inspirato, in 2011. The men are no longer involved in either company’s operations, although they each own close to 4% of Inspirato.
In SEC filings, the Handlers said they support the Exclusive Resorts bid. The pair sold their ownership in Exclusive Resorts to AOL co-founder Steve Case in the mid-2000s. The Handers took Inspirato public in 2021 and unceremoniously departed around the same time Zamani came on as CEO last summer.
“We are pleased that (Inspirato) has terminated the Buyerlink deal. We encourage the company to focus on maximizing shareholder value,” Brad Handler said in an email to BusinessDen, adding that the company still supports Exclusive Resorts buying Inspirato.
Zamani said Inspirato’s board is still reviewing that offer.
“We are not for sale, but it is our job as fiduciaries of the company to consider any and all offers and strategic alternatives,” he continued. “We take the offer from Exclusive Resorts very seriously, and time will tell if that’s something that makes sense or not.”
