Ennismore, the lifestyle hospitality group, said on Thursday it’s in exclusive talks for “a long-term partnership” with Cain, a privately held investment firm, to scale the hotel brand Delano worldwide.
The companies didn’t disclose the terms of the proposed deal. French giant Accor has a majority shareholding in Ennismore.
Under the plan, Cain — which has $15 billion assets under management — would get a minority stake in the Delano brand and give unspecified help to Ennismore in its development pipeline, which includes planned Delano openings in Seoul, Istanbul, and Cartagena. Cain’s capital would also fuel the renovation of the original, flagship Delano property in the Art Deco district of Miami’s South Beach, and also fuel the growth of the sister brand Maison Delano.
Cain has a history with the Delano. In November 2020, it took over the strategic repositioning of 1685 Collins Avenue, formerly known as The Delano South Beach, to eventually bring it back as a 194-room Delano.
It has a history with Accor, too. Between 2016 and 2018, Cain International helped SBE Entertainment Group finance and institutionalize their business and acquire Morgans Hotel Group. Then Cain sold its stake in the $1 billion of assets (including brands like SLS Hotel & Residences, Delano, Mondrian) to Accor.
Cain is best known for last year joining Saudi Arabia’s Public Investment Fund in a $900 million in Aman Group, the ultra-luxury resort brand. Other past investments have included the Waldorf Astoria Beverly Hills, the Beverly Hilton Hotel, the Raffles in Boston.
Cain — led by CEO and co-founder Jonathan Goldstein — has also done hotel deal and development work involving brands such as Raffles, Six Senses, and the Rosewood Hotel Group and has a host of other leisure businesses, such as the Swingers Crazy Golf chain.