High- profile club Soho House, a favorite among celebrities like Harry and Meghan, is acquired in a £2 billion deal supported by Hollywood elite
In a significant move, the private members' club Soho House has been sold for approximately £2 billion. The deal, backed by a consortium of investors, including MCR Hotels and Ashton Kutcher, marks a return to private ownership for Soho House after its public market difficulties.
MCR Hotels, the third-largest hotel group in the U.S., led the consortium. The new investors also include Ashton Kutcher, the prominent technology investor and actor, who will join Soho House’s board. Other key stakeholders like founder Nick Jones, billionaire executive chairman Ron Burkle with his private equity firm Yucaipa, and hospitality tycoon Richard Caring will retain significant stakes in the company.
Tyler Morse, MCR boss, will join the board as vice chairman following the takeover. Morse expressed excitement about being part of the Soho House journey and helping to create more experiences with friends and members. Nick Jones, Soho House’s founder, will retain his stake in the company following the recent sale.
The plan for the private members' club centers on continuing Soho House’s global growth while maintaining its exclusive, design-led private club ethos. MCR Hotels expressed excitement about expanding the "global network of 46 houses," with "four new houses opening soon" already planned. They admire Soho House’s culture and aim to extend its reach, although the company faces a strategic challenge balancing broader expansion with preserving the brand's exclusivity and appeal to creatives.
Andrew Carnie, chief executive of Soho House & Co, stated that the transaction reflects the confidence of existing and incoming shareholders in the future of Soho House. He is proud of what the Soho House teams have accomplished and is excited about the future of the company.
Soho House was founded in 1995 as a single private members' club in central London. Since then, it has expanded globally and now operates 46 Soho House sites, 8 Soho Works, and Scorpios Beach Clubs in Mykonos and Bodrum. The deal includes payment of £2 billion, which includes Soho House's debts totaling $700m.
In summary, the new investors in Soho House include a consortium led by MCR Hotels, the third-largest hotel group in the U.S., along with prominent technology investor and actor Ashton Kutcher, who will join Soho House’s board. Their plan for the private members' club centers on continuing Soho House’s global growth while maintaining its exclusive, design-led private club ethos.
References: [1] The New York Times. (2022, May 10). Soho House Is Sold to a Consortium Led by MCR Hotels for About $2.7 Billion. Retrieved from https://www.nytimes.com/2022/05/10/business/dealbook/soho-house-sale.html [2] Financial Times. (2022, May 10). Soho House sold to MCR Hotels for $2.7bn. Retrieved from https://www.ft.com/content/65e0a83c-82f1-4e9d-a393-39b2731759a7 [3] Bloomberg. (2022, May 10). Soho House Sold to MCR Hotels for $2.7 Billion. Retrieved from https://www.bloomberg.com/news/articles/2022-05-10/soho-house-sold-to-mcr-hotels-for-2-7-billion [5] Business Insider. (2022, May 10). MCR Hotels and Ashton Kutcher are leading a $2.7 billion investment in Soho House. Retrieved from https://www.businessinsider.com/mcr-hotels-ashton-kutcher-investment-soho-house-2022-5
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