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Accor has signed binding agreements to take complete control of sbe Group.
Under the terms of deal, the French hospitality giant is taking full ownership of assets including the Delano, Mondrian, Hyde and SLS brands.
Also included in the deal are the sbe food and beverage brands, which include Cleo.
Accor, which previously held 50 per cent of the organisation, said the brands would be at the heart of a newly created global lifestyle platform.
sbe currently operates 22 hotels, with more than 40 properties in the pipeline, which has more than doubled since Accor initially took a stake in 2018.
Key upcoming openings include Mondrian London and SLS Dubai in 2021.
Eldridge, a holding company with a network of businesses across finance, technology, real estate and entertainment, is acquiring sbe’s two remaining assets: the Hudson Hotel in New York and Delano in Miami.
In parallel, sbe founder Sam Nazarian takes full ownership of its Disruptive Restaurant Group Platform (DRG) and its 15 owned restaurant and nightlife venues.
He will also take an increased majority ownership of C3, a leading player in digital kitchens and lifestyle food halls business.
This cash and asset swap transaction entails a $300 million cash investment from Accor almost entirely through the redemption of sbe’s debt.
Source: breakingtravelnews.com
