Megabrand will own 85 percent of US company known for combining art museum and hotel >>
by: BTE
AccorHotels has signed an agreement to acquire 85 percent of 21c Museum Hotels, a group of 11 properties open and under development in the US. The hotels are known for combining contemporary art museums, boutique hotels and “chef-driven restaurants.” 21c will join AccorHotels’ MGallery collection of boutique hotels, marking the introduction of the MGallery brand into the North American market. Laura Lee Brown and Steve Wilson, co-founders of 21c, will retain a 15 percent stake in the company and will remain closely involved in providing creative guidance, according to the announcement. Craig Greenberg will remain as CEO of 21c and the headquarters will remain in Louisville. The purchase price for the 85 percent stake is $51 million; there is no real estate included in the acquisition. The transaction should be completed during the third quarter of 2018.
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