AccorHotels is expanding its luxury lifestyle offerings by acquiring half of sbe, an American hospitality and lifestyle group with 25 hotels and 170 restaurants.
Under the new partnership AccorHotels will get its hands on 50% of sbe’s common equity while sbe CEO Sam Nazarian will be left with a 50% stake in the company he founded in 2002.
Nazarian said the investment by AccorHotels would provide sbe, its customers and hotel owners with greater depth and breadth around the world, supporting his plans to be the best lifestyle hospitality company in the market.
“Building on our acquisition of Morgans Hotel Group in 2016, this investment will further accelerate our growth both domestically in the United States and in new markets internationally, particularly in Europe,” he said.
Chairman and CEO of AccorHotels Sébastien Bazin said he was delighted to announce the strategic partnership with one of the most innovative groups in the luxury lifestyle space worldwide.
“It marks a new step in expanding AccorHotels’ footprint in this fast growing segment in key US cities such as Miami, Los Angeles or Las Vegas, and in other international destinations.”
Chairman and CEO of AccorHotels Sébastien Bazin
Bazin said sbe brands have the perfect know-how that will complete perfectly the AccorHotels portfolio.
Sbe is known for its global portfolio of millennial-focused lifestyle hotels and restaurants. It operates brands such as SLS, Delano, Mondrian, Hyde and Redbury Hotels.
Sbe is well-known for its iconic Delano South Beach in Miami, SLS Baha Mar in the Bahamas, Hyde Bellagio in Las Vegas, Mondrian Park Avenue in New York City, Mondrian Doha in Qatar and the newly-opened 57 story SLS LUX Brickell in Miami.
Hotels in the pipeline include Delano Rio de Janeiro, Delano Dubai at the Palm and Hyde Midtown in Miami.
Sbe also owns restaurant brands Katsuya and Umami Burger, as well as entertainment brands such as Hyde nightclub and dayclub, Nightingale, S Bar, Skybar and the Doheny Room.
The deal between the two companies is expected to be official by the end of the month.
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