July 19, 2018
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The acquisition is set to increase its profile in major U.S. cities such as Los Angeles, Miami, Las Vegas and New York, and give it access to SBE’s fashionable, millennial clientele.
AccorHotels, Europe’s biggest hotels group, has agreed to buy a 50 percent stake in hotelier Sam Nazarian’s upmarket SBE Entertainment Group, in a deal that will see Accor making a total investment of $319 million in SBE.
The purchase marks the latest example of Accor’s recent acquisition spree, with the French group agreeing to buy Chile’s Atton Hoteles last month while Accor is also looking at taking a minority stake in troubled airline Air France KLM.
Sam Nazarian, who grew a collection of Los Angeles nightclubs in the early 2000s into an international hospitality company, will continue to run SBE and own the remaining 50 percent of SBE.
Get the full story at Reuters
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