Hilton Buys Majority Controlling Stake In Sydell Group; Terms Not Disclosed

(RTTNews) - Hospitality company Hilton Worldwide Holdings, Inc. (HLT) announced Wednesday that it has acquired a majority controlling interest in Sydell Group, a creator of unique lifestyle hotels. Financial terms of the transaction were not disclosed.

With the deal, the company intends to expand the NoMad Hotels brand from its existing London flagship location to high-end markets around the world.

The company noted that Sydell will be responsible for design, branding and management of the NoMad brand while Hilton will lead all development. The NoMad brand will be fully integrated into Hilton's commercial platforms, including Hilton Honors. All NoMad properties will remain independently owned.

Hilton projects that as many as 100 NoMad properties will be developed globally over time, with around 10 already in advanced stages of discussion with Sydell.

Meanwhile, NoMad Las Vegas is excluded from the transaction and will rebrand to a new flag in the coming months.

Hilton said the addition of NoMad to its brand portfolio marks its entry into the fast-growing luxury lifestyle hotel market.

NoMad will participate in Hilton Honors, its guest loyalty program for the company's portfolio of more than 7,500 properties worldwide.