Pryor Cashman Guides SBE In $300M AccorHotels Takeover
Law360 (November 25, 2020, 8:27 PM EST) -- Pryor Cashman LLP has represented SBE Entertainment Group in AccorHotels' $300 million cash purchase of the hospitality company's remaining 50% interest, completing the Paris-based hotel giant's takeover that began with its 2018 purchase of a 50% stake in SBE's luxury hotel brands.
New York-headquartered SBE Entertainment Group and AccorHotels announced the sale of the Delano, Mondrian, SLS and Hyde brands Nov. 24, saying the deal involves a $300 million cash investment from Accor that comes almost entirely through the redemption of SBE's debt.
SBE currently operates 22 hotels and has more than 40 properties in the pipeline, according to Accor, which...
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