LEXINGTON, Ky. (LEX 18) – The owners of 21c Museum Hotels are selling 85% of their interest in the company to the multinational AccorHotels group.
AccorHotels sent a press release Tuesday that it will acquire the shares from founders Laura Lee Brown and Steve Wilson. The purchase price for the 85% stake is $51 million, including a potential earn-out payment. No real estate is included in this acquisition.
Brown and Wilson rehabilitated a series of 19th-century warehouses in Louisville’s downtown arts and theater district to open the first 21c Museum Hotel.
The agreement will allow 21c Museum Hotels to leverage AccorHotels’ leading global hospitality platform while retaining its independent spirit. Co-founders Laura Lee Brown & Steve Wilson will retain a 15% stake in the company and will remain closely involved in providing creative guidance and support of the unique combination of art, design, and hospitality that defines the 21c experience.