A coalition led by Hollywood actor-turned-investor Ashton Kutcher has bought Soho House, the private members’ club chain, for an astounding $2.7 billion (£2 billion). Beginning its first club in London in 1995, this group has grown to include 46 Soho Houses across Europe, North America, and Asia in addition to a number of other high-end hospitality projects.
Widely known as a preferred meeting spot for A-list celebrities, Soho House hosted Meghan Markle and Prince Harry’s first date at one of its London sites. Following its listing on the New York Stock Exchange in 2021, however, the value of its shares has dropped noticeably as the company has had difficulties reaching profitability amid beliefs that it has lost some of its previous exclusivity.
The negotiated offer price of $9 per share reflects an 18% rise above the closing price from Friday. Still, it remains below the top price of $14.21 per share achieved in August 2021. Leading the consortium is MCR Hotels, the third-largest hotel chain in the United States, with prestigious assets including the TWA Hotel at JFK Airport in New York and the BT Tower in London. Apollo, a private equity company, helped to return Soho House to personal ownership.
Massive Update: Microsoft (MSFT) Soars Past $4 Trillion Mark on Record-Breaking Market Cap
Shareholders of Soho House will keep their interests in the firm. Along with MCR’s chief executive, Tyler Morse, Ashton Kutcher is slated to join the board. Mr. Morse said that everyone at MCR is “excited to be part of the Soho House journey.” Built above his restaurant Cafe Boheme on Greek Street in London, the first Soho House, founded by Mr. Jones, sat on Greek Street. Promoting itself as a members’ club made for “like-minded creative thinkers to meet, relax, have fun and grow,” it promotes itself as a club. Along with the Duke and Duchess of Sussex, among its members are reputed superstars Kate Moss, Kendall Jenner, and Ellie Goulding.
