AccorHotels will acquire 85 percent of Louisville-based hospitality management company 21c Museum Hotels for $51 million. 21c's 11 properties will join Accor's MGallery boutique hotel collection, marking the MGallery brand's entrance into North America.
21c Museum Hotels, founded in 2006 by philanthropists and contemporary art collectors Laura Lee Brown and Steve Wilson, encompasses "a multi-venue contemporary art museum, boutique hotels and chef-driven restaurants," according to the company. It has properties in Bentonville, Ark.; Cincinnati, Ohio; Durham, N.C.; Kansas City, Mo.; Lexington, Ky.; Louisville, Ky.; Nashville, Tenn., and Oklahoma City. Three more are under development in Chicago, Miami and Des Moines, Iowa.
Accor COO for North and Central America Kevin Frid said the deal "marks a new step in the company's goal to be the leading player in the luxury and lifestyle segment in North America." Brown and Wilson will retain a combined 15 percent stake in 21c Museum Hotels, and president and CEO Craig Greenberg will maintain his role. 21c's headquarters will remain in Louisville. The transaction is expected to close during the third quarter.