PARIS — AccorHotels has signed an agreement to acquire 85 per cent of U.S.-based 21c Museum Hotels for $51 million.
21c is an award-winning hospitality management company that combines a multi-venue contemporary art museum, boutique hotels and chef-driven restaurants, boasting 11 properties currently open and under development across the U.S.
Through this deal, 21c Museum Hotels will join AccorHotels’ MGallery collection of boutique hotels, marking the introduction of the MGallery brand into the North American market.
“We are delighted to welcome 21c Museum Hotels as part of the AccorHotels family of brands, hence strengthening the group’s footprint in North America in a very unique and promising niche,” says Kevin Frid, COO, North & Central America, AccorHotels. “Together, we have a tremendous opportunity to grow the 21c brand, as well as introduce MGallery into the North American market, building both brand equities and further expanding the full range of unparalleled experiences for our guests. This strategic acquisition marks a new step in AccorHotels’ strategy of being the leading player in the luxury-and-lifestyle segment in North America.”
This agreement will allow 21c Museum Hotels to leverage AccorHotels’ global hospitality platform while retaining its independent spirit. Co-founders Laura Lee Brown and Steve Wilson will retain a 15-per-cent stake in the company and will remain closely involved in providing creative guidance in support of the unique combination of art, design and hospitality that defines the 21c experience. The company will continue to be led by president & CEO Craig Greenberg and corporate headquarters for will remain in Louisville, Ky.
The transaction is expected to close during the third quarter of 2018.