Accor has acquired the remaining 50 percent of the SBE hospitality group it didn't already own, the companies announced Tuesday, and will take full ownership of SBE's portfolio of luxury and lifestyle hotels, primarily in the United States and Europe.
SBE was founded by CEO Sam Nazarian in 2002 and in 2018 sold a 50 percent stake in the company to Accor. SBE hotel brands include SLS, Mondrian and Delano. The company said it has opened 22 hotels and has a development pipeline of 40 more.
The cash and asset-swap deal translates into a value of $650 million, according to SBE, and includes SBE's restaurant portfolio and digital kitchen platform.
Nazarian for the next three years will serve as "special advisor" to Accor chairman and CEO Sebastien Bazin, according to the company. "This redesigned ownership structure will accelerate growth and a leaner management structure," Bazin said in a statement.