New York, 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.