MGM Resorts buys stake in Sydell Group
MGM Resorts International bought a stake in lifestyle hotel creator and operator Sydell Group. It had acquired a 50 percent stake, MGM Resorts was unwilling to give a percentage or dollar amount and described the deal as a minimal investment on MGM’s side.
MGM Resorts said: “As part of our long-term strategy to become an asset light company, we’ve made an investment in the Sydell Group.MGM Resorts is a global leader in the hospitality and entertainment industry, and this is part of the next evolution of our growth opportunities.”
The company will bring scale to the Sydell Group projects, enabling stronger positioning for the lifestyle hospitality company while still allowing it to maintain its independence and grow its brands.
Source: Hotel Management