Inspirato’s headquarters at 1544 Wazee St. in downtown Denver. (Max Scheinblum/BusinessDen)
After a roller coaster of a trip, Exclusive Resorts is slated to buy Inspirato.
The privately held Exclusive will pay $4.27 a share for the publicly traded Inspirato, which equates to a price tag of $59 million, the luxury travel companies announced Wednesday.
The deal, which will take Inspirato off the Nasdaq, is expected to close early next year.
“There’s always been a bit of a sibling relationship between the businesses, which has been a very positive thing,” Exclusive CEO James Henderson told BusinessDen. “Over the years, we’ve had commercial relationships and collaborations, and it was always just a logical thing to put these businesses together at some point.”
The move comes after a public back-and-forth in the fall, when Exclusive made an unsolicited offer to purchase Inspirato for $3.15 a share before later upping the price to $3.50. Inspirato rejected those offers.
The $4.27-a-share deal announced this week is a 50% premium on the $2.84 that Inspirato stock closed at Tuesday. Shares shot up 47% on Wednesday and finished trading at $4.17, the highest price since summer.
James Henderson (Courtesy Exclusive)
Inspirato Chairman and CEO Payam Zamani will step down from his role once the deal closes. Henderson, who has been with Exclusive for six years, will step in as interim CEO.
Both Exclusive Resorts and Inspirato were started by brothers Brad and Brent Handler, the former in 2002 and the latter in 2011.
Zamani and his One Planet Group own 36% of Inspirato, making him Inspirato’s largest shareholder. He stands to get $23.3 million in the transaction based on the number of shares he owns, according to SEC filings.
Zamani bought into the company in August 2024, acquiring the majority of his shares for $3.43 each, SEC filings show. Exclusive will pay 25% more than that. Zamani took a $1 annual salary as CEO.
“Being a significant shareholder, of course, I had a lot of influence, basically, to support this deal or not,” Zamani told BusinessDen. “At the end of the day, though, when I think about a publicly traded company, I think about all shareholders and minority shareholders …thinking about the members of the company, the employees. And also just the legacy of this brand and what it can stand for.
“And I do believe that (this deal) delivers value to every constituent involved,” he continued.
During his 16-month tenure, Zamani cut $40 million in annual costs and led the company to its first profitable quarter since going public in 2022. In the third quarter this year, Inspirato reported a $4.5 million loss on $55 million in revenue, a 20% drop year-over-year. Inspirato’s chief financial officer resigned the day the company reported earnings.
Zamani also had a strenuous relationship with some of the company’s most prominent shareholders, including the Handler brothers.
A deal to combine Inspirato with Buyerlink, a digital marketing firm owed by Zamani, fell apart after a minority investor said it “reeks of self-dealing.” The move would have led to Zamani owning 91% of the newly formed entity, the company said. The Handler brothers subsequently demanded to look into Inspirato’s books.
Payam Zamani bought into Inspirato in 2024 and is the CEO. (Max Scheinblum/BusinessDen)
The Handler brothers also sued Inspirato last year, saying the company was withholding a lavish perk that allowed them to book free accommodations at travel hot spots for life. It is unclear how the Exclusive deal could affect the lawsuit, which is pending.
Inspirato will remain a separate, independent entity under Exclusive ownership, CEO Henderson said. He said he has no plans to close Inspirato’s office at 1544 Wazee St. or lay off any of its 400 employees. Exclusive’s headquarters are in nearby McGregor Square.
“These companies have a lot of similarities. They’re practically two blocks apart in downtown Denver, founded by the same people. There are lots of employees from Inspirato that are now with Exclusive and employees from Exclusive who are now with us,” Zamani said.
Exclusive also recently acquired Onefinestay, a luxury villa rental company. On Wednesday, Exclusive said it, Inspirato and Onefinestay will operate under a new parent company, Exclusive Collective.
“We’re going to serve something in the region of 25,000 high-net-worth travelers. We have around 900 controlled residences as part of that,” Henderson said. “And this will create a business that is a half-a-billion-dollar revenue business that is profitable.”
Inspirato’s headquarters at 1544 Wazee St. in downtown Denver. (Max Scheinblum/BusinessDen)
After a roller coaster of a trip, Exclusive Resorts is slated to buy Inspirato.
The privately held Exclusive will pay $4.27 a share for the publicly traded Inspirato, which equates to a price tag of $59 million, the luxury travel companies announced Wednesday.
The deal, which will take Inspirato off the Nasdaq, is expected to close early next year.
“There’s always been a bit of a sibling relationship between the businesses, which has been a very positive thing,” Exclusive CEO James Henderson told BusinessDen. “Over the years, we’ve had commercial relationships and collaborations, and it was always just a logical thing to put these businesses together at some point.”
The move comes after a public back-and-forth in the fall, when Exclusive made an unsolicited offer to purchase Inspirato for $3.15 a share before later upping the price to $3.50. Inspirato rejected those offers.
The $4.27-a-share deal announced this week is a 50% premium on the $2.84 that Inspirato stock closed at Tuesday. Shares shot up 47% on Wednesday and finished trading at $4.17, the highest price since summer.
James Henderson (Courtesy Exclusive)
Inspirato Chairman and CEO Payam Zamani will step down from his role once the deal closes. Henderson, who has been with Exclusive for six years, will step in as interim CEO.
Both Exclusive Resorts and Inspirato were started by brothers Brad and Brent Handler, the former in 2002 and the latter in 2011.
Zamani and his One Planet Group own 36% of Inspirato, making him Inspirato’s largest shareholder. He stands to get $23.3 million in the transaction based on the number of shares he owns, according to SEC filings.
Zamani bought into the company in August 2024, acquiring the majority of his shares for $3.43 each, SEC filings show. Exclusive will pay 25% more than that. Zamani took a $1 annual salary as CEO.
“Being a significant shareholder, of course, I had a lot of influence, basically, to support this deal or not,” Zamani told BusinessDen. “At the end of the day, though, when I think about a publicly traded company, I think about all shareholders and minority shareholders …thinking about the members of the company, the employees. And also just the legacy of this brand and what it can stand for.
“And I do believe that (this deal) delivers value to every constituent involved,” he continued.
During his 16-month tenure, Zamani cut $40 million in annual costs and led the company to its first profitable quarter since going public in 2022. In the third quarter this year, Inspirato reported a $4.5 million loss on $55 million in revenue, a 20% drop year-over-year. Inspirato’s chief financial officer resigned the day the company reported earnings.
Zamani also had a strenuous relationship with some of the company’s most prominent shareholders, including the Handler brothers.
A deal to combine Inspirato with Buyerlink, a digital marketing firm owed by Zamani, fell apart after a minority investor said it “reeks of self-dealing.” The move would have led to Zamani owning 91% of the newly formed entity, the company said. The Handler brothers subsequently demanded to look into Inspirato’s books.
Payam Zamani bought into Inspirato in 2024 and is the CEO. (Max Scheinblum/BusinessDen)
The Handler brothers also sued Inspirato last year, saying the company was withholding a lavish perk that allowed them to book free accommodations at travel hot spots for life. It is unclear how the Exclusive deal could affect the lawsuit, which is pending.
Inspirato will remain a separate, independent entity under Exclusive ownership, CEO Henderson said. He said he has no plans to close Inspirato’s office at 1544 Wazee St. or lay off any of its 400 employees. Exclusive’s headquarters are in nearby McGregor Square.
“These companies have a lot of similarities. They’re practically two blocks apart in downtown Denver, founded by the same people. There are lots of employees from Inspirato that are now with Exclusive and employees from Exclusive who are now with us,” Zamani said.
Exclusive also recently acquired Onefinestay, a luxury villa rental company. On Wednesday, Exclusive said it, Inspirato and Onefinestay will operate under a new parent company, Exclusive Collective.
“We’re going to serve something in the region of 25,000 high-net-worth travelers. We have around 900 controlled residences as part of that,” Henderson said. “And this will create a business that is a half-a-billion-dollar revenue business that is profitable.”
