Accor is taking full ownership of hotel group sbe Entertainment, after closing a deal to buy the remaining 50% stake from founder Sam Nazarian.
sbe includes the Mondrian, SLS, Hyde and Delano hotel brands.
Accor had planned to purchase the stake in 2022 but has fast-tracked its plans, due a quicker than expected expansion in the past two years.
"The business has grown at a pace much faster than anticipated. We basically doubled the pipeline," Nazarian said.
The deal puts sbe’s value at $650 million, and includes the Cleo, Fili’a and Carna by Dario Ceccini F&B brands.
Accor made an initial investment for a 50% stake in 2018.
sbe currently operates 22 hotels with more than 40 properties in the pipeline.
The sbe portfolio will form part of a new lifestyle hotel business just announced between Accor and London-based hospitality firm Ennismore, which owns the Hoxton Hotels brand.
It will include the sbe brands as well as SO/, Hyde, Mama Shelter, 25h, 21c Museum Hotels, Tribe and Jo&Joe brands.
Written by Ray Montgomery, US Editor
