ASHFORD'S RED HOSPITALITY & LEISURE ANNOUNCES EXPANSION INTO HAWAII
Ashford Inc. (NYSE American: AINC) announced on March 20, 2023, that RED Hospitality & Leisure has acquired Alii Nui and Maui Dive Shop, enhancing its position in Maui's luxury watersports market. Alii Nui, ranked #1 in Maui and #10 in Hawaii for tour companies, offers high-quality sailing and diving experiences. This acquisition allows RED to expand its fleet and diversify revenue streams, positioning itself for growth in Hawaii. The transaction emphasizes RED's strategy of acquiring high-caliber service providers in niche markets. CEO Chris Batchelor expressed excitement over the integration and the growing demand for luxury watersport experiences.
- Acquisition of Alii Nui and Maui Dive Shop strengthens RED's position in the luxury watersports market.
- Alii Nui was ranked #1 in Maui and #10 in Hawaii for tour companies, indicating a superior brand reputation.
- Expansion of the fleet planned for 2023, enhancing service offerings.
- Geographic diversification into the lucrative Maui market supports revenue growth.
- None.
DALLAS, March 20, 2023 /PRNewswire/ -- Ashford Inc. (NYSE American: AINC) ("Ashford" or the "Company") today announced that RED Hospitality & Leisure, LLC ("RED"), a leading watersports and resort services company, has acquired privately-held Alii Nui and Maui Dive Shop, Maui's premier luxury catamaran and diving operation.
Alii Nui has developed a reputation of providing the ultimate Maui luxury sailing and watersport experience with offerings including sunset sails, dinner cruises, scuba lessons, snorkeling and whale-watching excursions and was recently ranked #1 in Maui and #10 in Hawaii for the Best Tour Company in 2023 by USA Today's 10BEST. Alii Nui is also the on-property provider of scuba programming to The Grand Wailea Resort, Maui, and has carved a niche in the Hawaiian watersport market by delivering unmatched service standards over the last four decades.
RED intends to expand the Alii Nui fleet in 2023 with an additional vessel, and the acquisition follows RED's proven track record of successfully acquiring and expanding high-quality providers in niche, high-barrier, luxury markets. The transaction also expands RED's geographic footprint into the premier Maui market and geographically diversifies its revenue stream. By establishing a foothold in this coveted market, RED is well-positioned to continue to grow its business in Hawaii.
"I'm thrilled to welcome Alii Nui and Maui Dive Shop into the RED family of companies," commented Chris Batchelor, RED's Chief Executive Officer. "Alii Nui and Maui Dive Shop will join Cruz Bay Watersports, Sebago Watersports, Lady Lynsey Luxury Excursions and Lady Grace Luxury Excursions as part of our expanding, best-in-class portfolio. Our entrance into the Hawaii market is a material step forward for RED. The pent-up demand for exceptional watersports and excursion experiences continues to grow and we are very excited to be part of the future of this attractive destination."
Please visit www.experiencered.com to learn more about RED Hospitality and Leisure.
Ashford is an alternative asset management company with a portfolio of strategic operating businesses that provides global asset management, investment management and related services to the real estate and hospitality sectors.
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SOURCE Ashford Inc.
FAQ
What is the significance of Ashford's acquisition of Alii Nui and Maui Dive Shop?
How does the acquisition of Alii Nui impact Ashford's business strategy?
What services does Alii Nui offer that contribute to its market ranking?
When was the acquisition of Alii Nui by Ashford announced?
What future plans does RED have following the acquisition?
