French hotel operator AccorHotels announced Tuesday (July 31) it has signed an agreement to acquire 85% of 21c Museum Hotels. The Louisville, Ky.-based chain has 11 hotels open or in development in the U.S., including one in downtown Bentonville.
The purchase price is $51 million. No real estate is included in the acquisition, according to AccorHotels. The transaction should be completed during the third quarter of 2018.
Laura Lee Brown and Steve Wilson, who co-founded 21c Museum Hotels in 2006, will retain the remaining 15% stake in the company, according to a news release. They will remain closely involved in “providing creative guidance and support of the unique combination of art, design and hospitality that defines the 21c experience.” 21c Museum Hotels will continue to be led by President & CEO Craig Greenberg, and corporate headquarters for 21c will remain in Louisville.
21c opened in Bentonville in February 2013 and includes 100 guest rooms and four suites. It has been managed from inception by Emmanuel Gardinier, whose diverse background in hospitality spans nearly 30 years and includes world-class European hotels and Caribbean island resorts.