Accor to add latest purchase 21c Museum Hotels to MGallery collection

AccorHotels is acquiring 85 per cent of 21c Museum Hotels in the US for US$51 million, a deal that will see the latter come under the MGallery collection of boutique hotels and mark the brand’s entry into the North American market.

Scheduled to be completed in 3Q2018, the deal includes a potential earn out payment, and excludes real estate.

Founded in 2006 by philanthropists and contemporary art collectors Laura Brown and Steve Wilson, 21c combines a multi-venue contemporary art museum, boutique hotels and chef-driven restaurants, with 11 properties currently open or under development in the US.

Kevin Frid, COO, North & Central America, AccorHotels, said the acquisition “(strengthens) the group’s footprint in North America in a very unique and promising niche”.

Co-founders Laura Lee Brown & Steve Wilson will retain a 15 per cent stake in the company, and remain closely involved in providing creative guidance and support of the combination of art, design and hospitality concept.

21c Museum Hotels will continue to be led by president & CEO Craig Greenberg, and the corporate headquarters will remain in Louisville, Kentucky.

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