Saudi businessman acquires 10% stake in Six Senses
Company takes on new investor
Miami-based Saudi entrepreneur Laith Pharaon has acquired a 10% stake in Six Senses Mauritius, the management arm of Six Senses Resorts & Spas.
Pharaon serves as principal for his group, which has previously served as a shareholder of Hyatt and owned several Four Seasons Hotels properties.
Six Senses chairman and CEO Sonu Shivdasani said: “I am personally excited to have an investor and partner such as Laith Pharaon and his father Dr. Ghaith Pharaon. They have an impeccable background in the high-end hospitality business having been significant shareholders of Hyatt and owners of several Four Season Hotels properties, and other luxury-branded properties in the past.
“Their track record of great successes will contribute significantly to the future development of Six Senses, adding strength and vibrancy to the group”.
There is the option for an additional 15% stake to be acquired by Pharaon, based on the achievement of certain milestones.
He said: “I am very excited to be part of Six Senses. By bringing hotel development experience to the management side of Six Senses, I believe this is a win-win situation for both of us”.
Founded by Shivdasani in 1995, Six Senses operates 13 high-end resorts in the Maldives, Thailand, Vietnam, Oman and Jordan and 27 spas under the Six Senses Spa division.