- Cain International has closed on a transaction with AccorHotels to sell its position in sbe Entertainment Group.
- The sale marks a successful exit for Cain International whose capital investment facilitated the acquisition of Morgans Hotel Group.
NEW YORK, NY — October 9, 2018 – Today, Cain International announced it has closed on the sale of its stake in sbe Entertainment Group to AccorHotels providing a successful exit to its investors.
Jonathan Goldstein, Cain International’s Chief Executive and Co-Founder said, “In just over a year and a half, Cain International helped sbe Entertainment Group finance and institutionalize their business and acquire Morgans Hotel Group. The acquisition by AccorHotels will allow sbe to write its next chapter and is a testament to the current strength of the business and of Cain International’s successful investment strategy.”
Cain International first took a stake in sbe Entertainment Group in December 2016, providing capital to institutionalize and dramatically scale the business through acquisition, development and repositioning of over $1 billion in assets worldwide. This investment enabled the acquisition of Morgans Hotel Group which more than doubled the number of hotels in sbe’s portfolio, including the SLS Hotel & Residences, Delano, Mondrian, Redbury, Hyde Hotel & Residences, Hudson, Sanderson and St Martins Lane. Ultimately, Cain International’s investment provided significant financial strength and flexibility allowing sbe Entertainment Group to pursue growth opportunities and investment, such as the Accor transaction.
About Cain International
Cain International is a diversified real estate company investing in both debt and equity opportunities in the UK, US and mainland Europe. The company has invested over $3 billion across a wide-ranging portfolio, including $2.3bn of debt financing and $800 million of equity across 1.8m square feet of office and retail space, 7,000 residential units and 7,000 hotel keys. Cain International identifies unique opportunities with strong partners and works to create value by delivering 21st century services and amenities to meet and exceed the expectations of consumers, tenants and residents.
The portfolio of investments, joint ventures and developments in marquee properties include the Waldorf Astoria Beverly Hills and the Beverly Hilton; The St. James, first-class sports, wellness, and active entertainment centers expanding across the US; The Stage, a 2.3 acre mixed-use development built around the excavated remains of Shakespeare’s Curtain Theatre in London; the boutique Six Senses residences and spa in Courchevel, France. These properties and projects are complemented by a debt portfolio including a £450 million loan for the development of 1 & 5 Bank Street, a 715,000 SF high-quality office space in London; and a £390 million loan for One and Two Southbank Place, a two office tower development constructed by Canary Wharf and Qatari Diar which includes the new headquarters for Shell International’s downstream business unit.
A portfolio company of Eldridge Industries, Cain International is led by CEO Jonathan Goldstein and its US investment team is led by Managing Principal Eric Poretsky. Further information is available at www.cainint.com.
Hilary Lefebvre, Foxcroft Strategy