Accorhotels has entered an agreement to purchase an 85 per cent stake of US hospitality management company 21c Museum Hotels for US51 million.
Founded in Louisville in 2006, 21c combines a multi-venue contemporary art museum with boutique hotels and restaurants. There are currently 11 21c properties open and in development across the US.
21c will join Accorhotels’ MGallery collection of boutique properties, marking the introduction of the brand into the North American market. Its founders Laura Lee Brown and Steve Wilson will retain the remaining 15 per cent stake in the company and it will continue to be led by president and CEO Craig Greenberg.
The transaction is expected to be completed during the third quarter of 2018.
Kevin Frid, COO for North and Central America at Accorhotels, said: “We are delight 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. 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.”
Steve Wilson, founder of 21c, said: “21c Museum Hotels is proud to announce our entry into the Accorhotels family. Accorhotels is one of the world’s leading hotel operators and will be a perfect partner and catalyst for 21c’s continued growth. We are confident that the unique spirit of 21c will not only be preserved, but will flourish within the MGallery collection of boutique hotels. 21c will continue to bring the work of today’s most dynamic and engaging contemporary artists to the public, and this partnership will be a tremendous boost for 21c’s continued development in North America and abroad. We are extremely excited to see what the future holds.”