The Paris-based hospitality company, Accorhotels, revealed that it has set it's sight on expanding in the US and will spend $51 million to acquire an 85% stake in 21c Museum Hotels.
The luxury hotel chain in the United States has eight hotels, and three in the pipeline.
Once the deal is finalised, the eight 21c Museum Hotels will join AccorHotels’ boutique MGallery collection, marking the debut of the MGallery brand in North America. Under the terms of the agreement, 21c Museum Hotels co-founders Laura Lee Brown and Steve Wilson, will retain a 15% stake in the company.
| Advertisement |
AccorHotels is set to pay CHF 560 million (US $566m) to buy Mövenpick and the transaction is set to be completed by second half of 2018, according to a statement by Mövenpick. The hospitality company has been on an acquisition spree lately and recently purchased 50% of sbe's common equity held in part by Cain International for US $125 million. Sam Nazarian, founder and CEO of sbe, will continue to own the remaining 50%.
In May 2018, the company also acquired Chile's Atton Hoteles. It revealed that it has partnered with Chilean investment group Algeciras to purchase Atton Hoteles, a hospitality group with 11 hotels in Chile, Peru, Colombia, and Florida, for $105 million.