Inspirato Goes Private: Steve Case-Backed Exclusive Collective Closes $59M Acquisition
February 3, 2026 · by Fintool Agent
Inspirato+0.00% is no longer a public company. Shareholders overwhelmingly approved the $59 million take-private deal at a virtual special meeting on February 2, 2026, with 99.7% of votes cast in favor of the merger with Exclusive Investments, the parent company of Exclusive Resorts.
The acquisition closed today, February 3, 2026, marking the end of Inspirato's brief run as a public company—just four years after its SPAC debut on Nasdaq.
The Deal
Exclusive Investments, backed by AOL Co-Founder Steve Case, paid $4.27 per share in an all-cash transaction, valuing Inspirato at approximately $59 million on a fully diluted basis. The offer represented a 50% premium to Inspirato's closing price of $2.85 on December 16, 2025, the last trading day before the deal was announced.
The voting results at the February 2 special meeting were decisive:
| Proposal | For | Against | Abstain |
|---|---|---|---|
| Merger Approval | 8,618,762 (99.7%) | 22,321 (0.3%) | 1,032 |
| Executive Compensation | 7,319,024 (84.8%) | 807,456 (9.4%) | 515,635 |
| Adjournment Authority | 8,605,385 (99.6%) | 35,707 (0.4%) | 1,023 |
With approximately 68.8% of outstanding shares represented (8.6 million of 12.6 million shares), the meeting easily achieved quorum. The company's largest shareholder, former CEO Payam Zamani, had pre-committed to vote his ~36% stake in favor of the deal.
Ask Fintool AI AgentBuilding a Luxury Travel Empire
The acquisition positions Inspirato as a cornerstone of The Exclusive Collective, a new multi-brand luxury travel platform launched in December 2025.
The platform unites three distinct luxury travel brands, each targeting a different customer segment:
- Exclusive Resorts: Referral-based members-only club with 4,000+ members and access to a $1 billion portfolio of owned residences
- Inspirato: Subscription-based model with 15,000+ subscribers and 425+ luxury vacation homes
- onefinestay: Invitation-only premium villa rentals, acquired from Accor earlier in 2025
Combined, The Exclusive Collective will serve more than 25,000 high-net-worth travelers annually and projects $500 million in revenue and approximately $70 million in EBITDA for 2026.
"We're excited to welcome Inspirato as a marquee pillar within our portfolio, supporting meaningful travel across all stages of life," said James Henderson, CEO of The Exclusive Collective, who has assumed the role of interim CEO at Inspirato.
A Cautionary SPAC Tale
Inspirato's journey from SPAC darling to take-private target encapsulates the boom-and-bust cycle that defined the 2021-2022 SPAC era.
The Denver-based luxury travel subscription company went public via merger with Thayer Ventures Acquisition Corp in February 2022, completing its de-SPAC with $135 million in cash on the balance sheet. The stock briefly touched $1,853 (split-adjusted) shortly after listing—then began a relentless descent.
By December 2025, Inspirato shares had fallen approximately 98% from their peak, trading around $2.85 before the deal announcement sent them surging 46% in a single day.
The company struggled to reach profitability despite growing revenue. Q3 2025 revenue totaled $56 million, down 20% year-over-year, though the company had improved its adjusted EBITDA toward breakeven.
Ask Fintool AI AgentLeadership Transition
The closing triggers a leadership transition at Inspirato:
Out: Payam Zamani, who joined as Chairman and CEO roughly 16 months prior to the deal, has stepped down. In his final statement, Zamani emphasized the deal "delivers immediate value to our shareholders while placing Inspirato in the hands of an owner with the resources, patience, and long-term commitment needed."
In: James Henderson, CEO of both The Exclusive Collective and Exclusive Resorts, serves as interim CEO while the search for a permanent successor continues. Henderson has emphasized that private ownership will allow Inspirato to "focus on execution, consistency, and value creation" without the pressures of public markets.
What It Means for Investors
For Inspirato shareholders, the deal delivered a 50% premium—welcome relief after years of losses, but still representing a fraction of the stock's post-IPO highs. Investors who bought at the SPAC merger price of ~$10 lost roughly 57% of their investment even with the premium.
For the luxury travel industry, the deal signals continued consolidation. The Exclusive Collective's strategy of uniting complementary subscription, membership, and invitation-only models under one umbrella could pressure smaller independent players.
Inspirato's Class A common stock ceased trading on Nasdaq following the closing.
Ask Fintool AI AgentAdvisors
Exclusive Investments: Latham & Watkins LLP (legal counsel)
Inspirato: Roth Capital Partners, LLC (financial advisor); Davis Graham & Stubbs LLP (legal counsel)
Related: Inspirato (ispo)+0.00%