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AccorHotels To Acquire 50% In Sbe; Announces Strategic Partnership

AccorHotels (ACRFY.PK,ACRFF.PK) and sbe Entertainment Group have signed a Letter of Intent and entered into exclusive negotiations for AccorHotels to acquire a 50% stake in sbe. AccorHotels will acquire the 50% of sbe's common equity held in part by Cain International for $125 million. Sam Nazarian will continue to own the remaining 50% of sbe.

AccorHotels will invest $194 million in a new preferred debt instrument that will be used to redeem all existing preferred units, also held in part by Cain International. AccorHotels' total investment in sbe will be $319 million. Sbe will continue to be led by its Founder and CEO Sam Nazarian.

Founded in 2002 by Sam Nazarian, sbe is a lifestyle hospitality company that develops, manages and operates global properties and brands. It is renowned for its unique 360-degree approach to lifestyle hospitality that includes branded luxury residences and serviced apartments, wellness and spa platforms and dining & entertainment experiences.

AccorHotels said, through the partnership, the company will expand its current geographic footprint in gateway North American cities such Los Angeles, Miami, Las Vegas and New York with iconic hotels. sbe hotels will be distributed on the AccorHotels distribution platform, be featured on Accorhotels.com and will be part of the AccorHotels loyalty programme.

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