AccorHotels acquires 85% stake in 21c Museum Hotels for $51mnm
AccorHotels has announced it plans to acquire an 85% stake in 21c Museum Hotels for US$51mn.
Launched in 2016, the art-focused hotel group combines boutique hotels with contemporary art museums and “chef-driven restaurants.”
Founded in the US by contemporary art collectors Laura Lee Brown and Steve Wilson, the hotel group currently has eight properties open in Louisville, Bentonville, Cincinnati, Durham, Kansas City, Lexington, Nashville and Oklahoma City.
The firm also has a further three hotels under development in Des Moines, Miami and Chicago.
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21c Museum Hotels will join AccorHotel’s MGallery collection of boutique hotels, marking the launch of the brand in North America.
AccorHotels Chief operating officer of North & Central America, Kevin Frid, said that the acquisition represented “a new step” in AccorHotels’ strategy of becoming a leading in the luxury and lifestyle segment in North America.
“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,” he added.
Under the deal, the group’s co-founders Laura Lee Brown and Steve Wilson will retain a 15% stake in the company.
Speaking of the purchase, Wilson said: “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.”
The acquisition is the latest in a string of purchases by French hotel group AccorHotels. Earlier this year, it acquired Australia’s Mantra Group, South African hospitality firm Mantis Group, and Mövenpick Hotels & Resorts.
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