Benzinga - by Shivani Kumaresan, Benzinga Staff Writer.
Hilton Hotels Corporation (NYSE:HLT) has acquired a majority controlling interest in Sydell Group to expand the NoMad Hotels brand.
With the acquisition, Hilton aims to expand the NoMad brand from its London flagship location to high-end markets around the world.
The move marks Hilton's entry into the fast-growing luxury lifestyle hotel market.
Sydell, led by founder Andrew Zobler, has created seven lifestyle brands with hotel concepts including NoMad, The Line, Freehand and The Ned.
While Sydell will be responsible for design, branding and management of the NoMad brand, Hilton will lead all development.
The NoMad brand will be integrated into Hilton’s commercial platforms like Hilton Honors and all of its properties will remain independently owned.
Hilton aims to develop as many as 100 NoMad properties globally.
“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," said president, global brands and commercial services Chris Silcock.
The financial terms of the transaction were not disclosed. Hilton held $800 million in cash and equivalents as of Dec. 31, 2023.
HLT Price Action: HLT shares are trading higher by 1.03% at $212.53 at last check Wednesday.
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