Inspirato CEO Payam Zamani, left, and Exclusive Resorts CEO James Henderson, right, had a monthslong back and forth leading to the mid-December deal announcement. (BusinessDen illustration)
On Sept. 29, 2025, Inspirato announced that it had officially declined an unsolicited acquisition offer from Exclusive Resorts, a fellow Denver-based luxury travel firm.
Exclusive had offered $3.15 a share for the company, then upped that $3.50 — announcing the offer publicly both times.
“While we will always evaluate strategic opportunities, we will only pursue those that align with our mission and deliver enduring value to all shareholders,” Inspirato CEO Payam Zamani said in a statement.
But documents filed by Inspirato in late December with the SEC show that moment was just the midpoint of talks between the two companies. The documents also detail that Inspirato’s CEO will be getting a severance and that he had to cancel his plans to use Inspirato lodging for trips around the globe, including to Aspen, Thailand and Greece.
The same day Inspirato publicly rejected Exclusive’s offer, the SEC documents state, Zamani emailed Exclusive majority owner Steve Case, who co-founded AOL, and suggested a call.
The call happened the next day, Sept. 30. Four days later, the men met in person, with Exclusive CEO James Henderson and Inspirato Chief Financial Officer Michael Arthur also attending.
On Oct. 8, there was another call. Zamani said $5.50 would be a reasonable price, reiterating a price point he’d introduced in talks in mid-September.
Henderson said he could go higher on his offer. After the call, he emailed, offering $4 a share.
This time, Exclusive didn’t announce the offer.
Discussions continued out of public view and, by Oct. 27, Exclusive’s offer was up to $4.35. Zamani asked for more but was rebuffed, and Inspirato’s board met Oct. 30.
They considered soliciting offers from other possible buyers, but decided not to in part because of a “strategic alternatives process” the company had conducted in 2024, before Zamani invested millions in the business and was named CEO.
As part of that process, Inspirato’s financial adviser reached out to seven possible acquirers. The response was lackluster; none was interested in buying Inspirato if the company wasn’t in bankruptcy. But Exclusive was one of three contacted parties that provided a term sheet for a possible deal if that were to happen.
The Inspirato board accepted Exclusive’s offer. The deal between the two companies was made public six weeks later, in mid-December. By that time, the purchase price had dropped to $4.27 after they clarified who would be paying what fees in connection with the transaction.
The figure represented a 50% premium to Inspirato’s share price a day before the deal was announced.
$1M severance for Zamani
Zamani, who will not continue as CEO after the deal closes, will receive a $1.1 million severance, according to the SEC documents.
But the total amount he walks away with will be much higher, given that he is the company’s largest shareholder.
Zamani became CEO in August 2024, when he invested $12.5 million in Inspirato in exchange for 36% of its shares.
He stands to get $23.3 million from the Exclusive deal based on the number of shares he owns, according to SEC filings. He’ll get $4 million more for outstanding unvested shares that he and his family office own.
Zamani acquired the majority of those shares for $3.43 each, SEC filings show. Exclusive will pay 25% more than that.
He took a $1 annual salary as CEO.
Zamani’s vacations go from free to feed
As part of the Exclusive deal, Zamani had to cancel trips to Inspirato properties he’d already booked, an amended version of his contract states.
Those trips included Aspen in January, Cabo San Lucas in late January/early February, a weeklong trip to Thailand in March and a two-week excursion to Greece and Italy in August. Some of the trips, like a planned stay in New York City in late December, were to take place before Exclusive closed on its purchase of Inspirato.
Zamani told BusinessDen Wednesday that the trips were a mix of personal travel and CEO site visits. In a text, he called the trips “activities that, of course, will no longer be necessary once the transaction is finalized.”
The cancellations are particularly notable because Brent and Brad Handler, who founded Inspirato in 2011, kept a perk allowing them free use of Inspirato properties for life even after they left the company.
Zamani canceled the perk shortly after taking over. In November 2024, the Handlers, who also founded Exclusive in 2002, sued Inspirato to get back their free vacations.
That lawsuit is ongoing. But a resolution could be close. A Denver District judge recently canceled an April trial.
“In light of Exclusive Investments’ pending acquisition of Inspirato, the Parties believe there is a material likelihood that they are able to resolve this action through a negotiated settlement,” Inspirato and the Handlers’ lawyers wrote in a December court filing.
Zamani, meanwhile, indicated that he expects to be back in Inspirato’s ritzy residences in the future, after it sells.
“I fully intend to become a member and continue traveling with Inspirato,” he said. “It’s a company I’ve genuinely fallen in love with, and I look forward to experiencing it as a member going forward.”
Inspirato CEO Payam Zamani, left, and Exclusive Resorts CEO James Henderson, right, had a monthslong back and forth leading to the mid-December deal announcement. (BusinessDen illustration)
On Sept. 29, 2025, Inspirato announced that it had officially declined an unsolicited acquisition offer from Exclusive Resorts, a fellow Denver-based luxury travel firm.
Exclusive had offered $3.15 a share for the company, then upped that $3.50 — announcing the offer publicly both times.
“While we will always evaluate strategic opportunities, we will only pursue those that align with our mission and deliver enduring value to all shareholders,” Inspirato CEO Payam Zamani said in a statement.
But documents filed by Inspirato in late December with the SEC show that moment was just the midpoint of talks between the two companies. The documents also detail that Inspirato’s CEO will be getting a severance and that he had to cancel his plans to use Inspirato lodging for trips around the globe, including to Aspen, Thailand and Greece.
The same day Inspirato publicly rejected Exclusive’s offer, the SEC documents state, Zamani emailed Exclusive majority owner Steve Case, who co-founded AOL, and suggested a call.
The call happened the next day, Sept. 30. Four days later, the men met in person, with Exclusive CEO James Henderson and Inspirato Chief Financial Officer Michael Arthur also attending.
On Oct. 8, there was another call. Zamani said $5.50 would be a reasonable price, reiterating a price point he’d introduced in talks in mid-September.
Henderson said he could go higher on his offer. After the call, he emailed, offering $4 a share.
This time, Exclusive didn’t announce the offer.
Discussions continued out of public view and, by Oct. 27, Exclusive’s offer was up to $4.35. Zamani asked for more but was rebuffed, and Inspirato’s board met Oct. 30.
They considered soliciting offers from other possible buyers, but decided not to in part because of a “strategic alternatives process” the company had conducted in 2024, before Zamani invested millions in the business and was named CEO.
As part of that process, Inspirato’s financial adviser reached out to seven possible acquirers. The response was lackluster; none was interested in buying Inspirato if the company wasn’t in bankruptcy. But Exclusive was one of three contacted parties that provided a term sheet for a possible deal if that were to happen.
The Inspirato board accepted Exclusive’s offer. The deal between the two companies was made public six weeks later, in mid-December. By that time, the purchase price had dropped to $4.27 after they clarified who would be paying what fees in connection with the transaction.
The figure represented a 50% premium to Inspirato’s share price a day before the deal was announced.
$1M severance for Zamani
Zamani, who will not continue as CEO after the deal closes, will receive a $1.1 million severance, according to the SEC documents.
But the total amount he walks away with will be much higher, given that he is the company’s largest shareholder.
Zamani became CEO in August 2024, when he invested $12.5 million in Inspirato in exchange for 36% of its shares.
He stands to get $23.3 million from the Exclusive deal based on the number of shares he owns, according to SEC filings. He’ll get $4 million more for outstanding unvested shares that he and his family office own.
Zamani acquired the majority of those shares for $3.43 each, SEC filings show. Exclusive will pay 25% more than that.
He took a $1 annual salary as CEO.
Zamani’s vacations go from free to feed
As part of the Exclusive deal, Zamani had to cancel trips to Inspirato properties he’d already booked, an amended version of his contract states.
Those trips included Aspen in January, Cabo San Lucas in late January/early February, a weeklong trip to Thailand in March and a two-week excursion to Greece and Italy in August. Some of the trips, like a planned stay in New York City in late December, were to take place before Exclusive closed on its purchase of Inspirato.
Zamani told BusinessDen Wednesday that the trips were a mix of personal travel and CEO site visits. In a text, he called the trips “activities that, of course, will no longer be necessary once the transaction is finalized.”
The cancellations are particularly notable because Brent and Brad Handler, who founded Inspirato in 2011, kept a perk allowing them free use of Inspirato properties for life even after they left the company.
Zamani canceled the perk shortly after taking over. In November 2024, the Handlers, who also founded Exclusive in 2002, sued Inspirato to get back their free vacations.
That lawsuit is ongoing. But a resolution could be close. A Denver District judge recently canceled an April trial.
“In light of Exclusive Investments’ pending acquisition of Inspirato, the Parties believe there is a material likelihood that they are able to resolve this action through a negotiated settlement,” Inspirato and the Handlers’ lawyers wrote in a December court filing.
Zamani, meanwhile, indicated that he expects to be back in Inspirato’s ritzy residences in the future, after it sells.
“I fully intend to become a member and continue traveling with Inspirato,” he said. “It’s a company I’ve genuinely fallen in love with, and I look forward to experiencing it as a member going forward.”
