MGM Resorts International is getting into the boutique business, if its recent buy of a 50% stake in Sydell Group is any indication. Sydell operates boutique brand NoMad, the Park MGM and other brands. The purchase was reported in The Wall Street Journal and several other media outlets.
A price tag hasn’t been disclosed for the deal. An MGM spokesperson told WSJ that the acquisition “is part of the next evolution of our growth opportunities.” The stake in Sydell marks the first time that MGM has taken a position in a U.S. hotel operator that isn’t linked to gambling, according to the company.
Photo: Courtesy of NoMad New York