Hilton Worldwide Holdings Inc. (HLT) has acquired a majority controlling interest in Sydell Group, the developer of the lifestyle hotel brand NoMad. The acquisition aims to accelerate the development of the NoMad hotel portfolio, with plans to open up to 100 locations. Currently, discussions for approximately 10 new NoMad hotels are already in advanced stages. Under the terms of the acquisition, Hilton will manage the development functions while Sydell Group will oversee operations management, branding, and design. As part of Hilton's brand portfolio, NoMad hotels will also join the Hilton Honors guest reward program. The first NoMad hotel opened in New York in 2012, and Sydell Group also operates other hospitality brands such as The Line, Freehand, and The Bed. [99155549]
This acquisition comes as Hilton continues to expand its luxury portfolio and strengthen its presence in the luxury lifestyle hotel market. Hilton plans to increase its luxury inventory to 600-700 properties in the coming years. Hilton's shares have gained 41.7% in the past six months, reflecting the company's commitment to growth and expansion. [95bd9176]