The French hospitality juggernaut initially acquired half of sbe and its brands (including Mondrian, Delano, SLS and Hyde hotels, as well as restaurants and nightlife brands Cleo, Fili’a or Carna by Dario Cecchini) in 2018.
sbe brands will be at the heart of Accor’s newly created global asset-light Lifestyle & Entertainment platform.
Nazarian now takes full ownership of Disruptive Restaurant Group (DRG) and its food & beverage business. He also shifts focus to shaping the future of food service by increasing a majority share in the fast-growing C3 digital kitchen and lifestyle food hall platform, a subsidiary of sbe. C3 will count over 200 digital kitchens by the end of 2020.
The cash and asset swap deal translates into an enterprise value of US$650 million for the hotel and restaurant component of sbe that Accor is acquiring.
Sebastien Bazin, Chairman and CEO of Accor said, “Looking three years back, when we initially invested alongside Sam Nazarian, I am amazed by the journey we’ve accomplished. Today marks a milestone crystalizing these last years’ successes and international development. This redesigned ownership structure will accelerate growth and a leaner management structure.”
Since Accor’s initial investment in sbe in 2018, its pipeline of 40 hotels has more than doubled, with key upcoming openings such as Mondrian Shoreditch London, SLS Cancun and SLS Dubai in 2021.
Accor will continue to benefit from Nazarian’s expertise, who will remain special advisor to Bazin.