Exclusive Resorts’ Offer to Buy Inspirato Just Got More Premium
Denver-based vacationing firm Exclusive Resorts has increased its bid to take over the publicly-traded company Inspirato. The offer has been raised from $3.15 a share to $3.50 a share, according to a Thursday offer letter. This new price values Inspirato, a members-only luxury travel club, at $43.6 million, up from the previous offer valuation of $39 million.
Notably, this figure does not include an additional approximately $25 million that Exclusive Resorts says it would spend to eliminate Inspirato’s debt, pay off outstanding equity-linked securities, and cover transaction expenses. In total, Exclusive said it would invest $68.6 million.
Exclusive CEO James Henderson described the bid as “our best and final offer.” Inspirato’s stock closed Thursday trading at $3.07 a share, marking a 5% increase for the week so far. Neither Exclusive Resorts nor Inspirato made the increased offer public before markets closed.
The $3.50 per share offer represents a 14% premium over Thursday’s closing price. However, in an SEC filing on Friday morning, Inspirato stated that it “does not believe that this proposal is actionable.” The company added, “(Inspirato’s) board of directors will continue to consider all available options to advance the best interests of the Company and its stockholders.”
This development comes after Inspirato terminated a deal to merge with Buyerlink, a digital marketing firm also owned by Inspirato CEO Payam Zamani. A minority shareholder accused Zamani of self-dealing with the proposed Buyerlink transaction prior to the firms mutually deciding to end negotiations. Zamani strongly denied this allegation, attributing the deal’s collapse to shareholder concerns.
“Collective success requires a level of collective unity,” Zamani told BusinessDen on Monday. “And I think that (with) this transaction, I wish there was more unity amongst everyone involved.”
When reached by BusinessDen on Thursday, Zamani declined to answer specific questions, citing a non-disclosure agreement with Exclusive Resorts. “There are specific rules around what’s disclosed and what is not, and ongoing negotiations don’t need to be disclosed every step of the way,” he said. “Beyond that, I have really no comment.” A spokeswoman for Exclusive Resorts also declined to comment.
Both Exclusive Resorts and Inspirato were founded by brothers Brad and Brent Handler, with Exclusive starting in 2002 and Inspirato launching in 2011. The brothers sold their stake in Exclusive to AOL co-founder Steve Case in 2004, who remains the majority shareholder of the private company. The Handlers, along with co-founder and Shark Tank alum Tom Filippini, left Exclusive Resorts in 2009 and no longer hold ownership in the company.
Despite a contentious departure from Inspirato, the Handler brothers remain significant shareholders in Inspirato, which went public in 2021 under their leadership. Brad Handler owns 3.8% of the company, while Brent holds 4.3%, according to SEC filings. Zamani, who joined Inspirato last August, beneficially owns 49% of the company. Both Handler brothers also left Inspirato’s board around the same time Zamani joined.
Editor’s Note: This story has been updated to include Inspirato’s comments regarding the offer.
https://www.denverpost.com/2025/09/19/exclusive-resorts-raises-bid-inspirato-takeover/