KSL CAPITAL PARTNERS ACQUIRES A MAJORITY INTEREST IN SERENO HOTELS

Sereno Hotels ("Sereno"), today announced that an affiliate of KSL Capital Partners ("KSL") has acquired a majority interest in Sereno. Founded over 20 years ago by the Contreras family, Sereno is the owner-operator of the multi-award-winning ultra-luxury hotel Il Sereno located on the shores of Lake Como, Italy, and its sister resort, Le Sereno on the beach at Grand Cul de Sac on the island of St. Barthelemy.

The Contreras family will remain significant investors in Sereno, and Sereno's current team will continue to deliver the award-winning service for which Sereno has become world-renown over the last two decades. The terms of the of the transaction were not disclosed.

Luis Contreras, Sereno's Founder and CEO, who will continue to lead the company, said, "Sereno Hotels is at heart a family company. Collaborating with KSL empowers us to accelerate our scale, whilst upholding the ideals and standards that have contributed to our success. Our joint vision is to create a select few new small and supremely luxurious hotels in unique locations, featuring remarkable design, meticulous detail, and casual yet professional, bespoke services for our guests. With KSL's strategic advice and financial support, we aim to offer our guests, and our team, exciting new experiences and prospects."

Martin Edsinger, Principal at KSL Capital Partners, added, "We are thrilled to have the opportunity to partner with Luis and the Contreras family for the next journey of growth for this remarkable business. At KSL, we seek to invest in the unforgettable to create the enduring, something which is core to Sereno's mission. What Luis and his family have created is unparalleled, and we could not be more excited about what the future will bring for Sereno and to work with a partner that shares our vision and values."