)
Hilton has acquired a majority interest in Sydell Group, a luxury hotel company with a portfolio that includes the NoMad brand, which Hilton says it plans to expand to as many as 100 properties worldwide, with 10 already in advanced stages of planning.
Under the terms of the acquisition, Hilton will lead the development of the NoMad properties, while Sydell will design and manage them. The parties didn't disclose the financial details of the deal.
NoMad has two locations, one in London and another in Las Vegas. Previously, Sydell had properties in New York and Los Angeles but closed them during the early days of the pandemic.
The Vegas property isn't included in the deal and will be rebranded in the near future, according to Hilton. Other Sydell brands include The Line, Freehand, Penny, Saguaro and The Ned.
“By pairing an already proven brand concept that’s ready for expansion with the power of Hilton’s commercial engine, we are accelerating our ability to drive growth in the luxury lifestyle segment,” Chris Silcock, president of global brands and commercial services for Hilton, said in a statement.
The acquisition is the second this year for Hilton, which during the last two decades had generally grown its properties internally, launching such brands as Canopy, Curio Collection, Tapestry Collection, Tempo and Motto.
In March, the hotelier acquired Graduate Hotels for $210M, touting the possibility of it becoming a 500-hotel “megabrand.” Currently, there are 37 existing and planned properties, which are in university towns.
)
)
)
)
)
)
)
)
)
)
)
)