21c combines a multi-venue contemporary art museum, boutique hotels and chef-driven restaurants. It has 11 properties currently open and under development across the United States.
Another day, another AccorHotels acquisition. The French hotel group has signed an agreement to acquire 85% of 21c Museum Hotels, a hospitality management company which Accor says, is “pushing the boundaries of the museum and hotel worlds to create a new kind of travel experience”.
21c combines a multi-venue contemporary art museum, boutique hotels and chef-driven restaurants. It has 11 properties currently open and under development across the United States.
The purchase price for the 85% stake is US$51 million, including a potential earn out payment. No real estate is included in this acquisition. The transaction should be completed during the third quarter of 2018.
21c Museum Hotels was founded in 2006 in Louisville by philanthropists and contemporary art collectors Laura Lee Brown and Steve Wilson.
Inspired by the idea that art can ignite urban revitalisation and drive civic connection, Brown and Wilson rehabilitated a series of 19th century warehouses in Louisville's downtown arts and theatre district to open the first 21c Museum Hotel.
The success of the Louisville flagship created opportunities for expansion; today the company operates eight 21c hotels across the US with with three more in development.
21c Museum is one of the largest contemporary art museums in the United States, and North America’s only collecting museum dedicated solely to art of the 21st century.
Open and accessible 24 hours a day, seven days a week, 21c’s exhibitions and programmes are free to the public.
21c Museum Hotels will join AccorHotels’ MGallery collection of boutique hotels, marking the introduction of the MGallery brand into the North American market
Co-founders Brown and Wilson will retain a 15% stake in the company, and will remain closely involved in the 21c experience.