AccorHotels Buys Majority Stake in Boutique Lifestyle Chain 21c Museum Hotels

Even though AccorHotels recently revealed it took a $288 million hit on its 2016 acquisitions of luxury homesharing platform Onefinestay and concierge provider John Paul, it hasn't deterred the company's shopping spree. The Paris-based hospitality company on Tuesday announced it intends to spend $51 million to acquire an 85 percent stake in 21c Museum Hotels, a relatively small luxury hotel chain in the United States. It has eight hotels, and three more under development. The deal does not include any real estate. Under terms of the agreement, the co-founders of 21c Museum Hotels, Laura Lee Brown and Steve Wilson, will retain a 15 percent stake in the company and will continue to work closely both with AccorHotels and 21c Museum Hotels CEO Craig Greenberg. The brand will also remain headquartered in Louisville. The deal is expected to close by the third quarter of 2018. AccorHotels plans to integrate the 21c Museum Hotels brand into its existing upper upscale MGallery soft br