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MGM takes 50 percent stake in NoMad Hotels parent
MGM Resorts International is making a play in the boutique hotel market.
It has made a first investment in the segment with a 50% stake purchase of Sydell Group, which has a five-brand portfolio including NoMad Hotels, LINE, and Saguaro, the Wall Street Journal reports.
New York-based Sydell has 16 hotels open or in the pipeline in cities such as New York, Los Angeles and London.
According to the WSJ, the stake was purchased from Ron Burkle, a private equity investor.
No financial details have been disclosed.
MGM confirmed the deal and says it represents ‘part of the next evolution of our growth opportunities.’
MGM and Sydell worked together last year to open a NoMad Hotel at the Park MGM in Las Vegas, and the transaction could signal more similar projects.
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