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21c
Museum Hotels to Accelerate Expansion
Following
Formation of Joint Venture;
Infusion
of $250 Million Allows for Future Developments
|
Louisville,
KY – September 2016 / Newsmaker Alert / 21c
Museum Hotels and Junius Real Estate Partners (“Junius”), a specialized
real estate investment unit of J.P. Morgan Private Bank, announces that
Junius Hospitality Partners (“JHP”), a fund managed by Junius, has made
an investment in 21c Museum Hotels. Under the agreement, JHP will deploy
dedicated capital toward building or acquiring properties for 21c’s expansion.
As part of the transaction, JHP will own a minority stake in the operating
company.
“21c
is positioned for meaningful growth,” said 21c Museum Hotels Co-Founder
and CEO, Steve Wilson. “We have devoted significant time and care in finding
the right strategic partner for this next phase. The Junius team has an
appreciation for our brand, our mission and our company culture. Their
forward-thinking investment strategy and experience in both the hotel industry
and in real estate development make them an ideal partner.”
“Junius
is extremely excited to be partnering with 21c,” said Richard Gomel, Partner
and Senior Investment Officer at Junius. “We have been thoroughly impressed
by the quality and passion of their team to deliver meaningful, innovative
and authentic guest experiences while having a positive impact in the local
communities they serve. Their strong brand, combined with their solid operating
platform, have yielded attractive investment returns and enhanced real
estate values. We look forward to participating in the growth of this special
company.”
Dedicated
Junius capital will give 21c the ability to develop up to $250 million
in projects. Financing has closed on their first joint venture, the development
of 21c Museum Hotel Nashville. 21c Nashville, a historic rehabilitation
of downtown’s Gray & Dudley Building, is slated to open the first half
of 2017. The property will include 124 hotel rooms, over 10,500 square
feet of museum and event space and five rooftop-level rooms, including
two suites, with private terraces. 21c will manage the property and have
joint ownership.
21c
has doubled its footprint over the past 18 months, adding three new hotels
and restaurants and 31,000 square feet of contemporary art museum and event
space. The company now operates six hotels, seven restaurants and employs
over 1,000 people. 21c has added significant resources to its Louisville,
Kentucky headquarters in all areas of the business including corporate
sales, operations, museum, design, marketing and other functions.
About
21c Museum Hotels
21c
Museum Hotels, an award-winning hospitality company based in Louisville,
Kentucky, is pushing the boundaries of both the museum and hotel worlds
to create a new kind of travel experience. The company was founded as a
single property by contemporary art collectors and preservationists Laura
Lee Brown and Steve Wilson, whose mission was to share innovative contemporary
art with the public and participate in the revitalization of downtown Louisville.
The couple opened the first 21c Louisville in 2006 along downtown’s West
Main Street, rehabilitating a series of 19th century warehouses to create
an innovative union of genuine hospitality, thoughtful design and culinary
creativity — all anchored by a contemporary art museum with thought-provoking
exhibitions, interactive site-specific art installations and a full roster
of cultural programming. Today, 21c operates six hotels and seven restaurants
in Louisville, Kentucky; Cincinnati, Ohio; Bentonville, Arkansas; Durham,
North Carolina; Lexington, Kentucky and Oklahoma City, Oklahoma. 21c Nashville
is currently under construction. Projects are under development in Kansas
City, Missouri and Indianapolis, Indiana. The company is equally focused
on creating unique, chef-driven restaurants that are as much a part of
the community as the hotel. 21c operates a diverse roster of restaurants
including Proof on Main at 21c Louisville, Metropole at 21c Cincinnati,
The Hive at 21c Bentonville, Counting House at 21c Durham, Lockbox at 21c
Lexington, Mary Eddy’s Kitchen x Lounge at 21c Oklahoma City and Garage
Bar in Louisville, Kentucky. Visit 21cMuseumHotels.com
for more information.
Contact:
Emmie
Kunhardt
212-202-6513
/ 914-953-8720
Baltz
& Company for
21c
Museum Hotels
About
Junius Real Estate Partners
Junius
Real Estate Partners is the specialized real estate investment unit of
J.P. Morgan Private Bank with 14 professionals located in New York, New
York. Junius has invested over $750 million of equity in 11 transactions
involving 26 underlying properties since 2012, through single-asset and
pooled investment vehicles. |
