Dive Brief:
- Lifestyle hospitality company Ennismore has entered into exclusive negotiations to build a long-term partnership with investment firm Cain International.
- Through the deal, Cain will acquire a minority stake in the Delano hotel brand, which has evolved to include two concepts: the original Delano and Maison Delano, which opened its first location in Paris this month.
- As part of the partnership, Cain and Ennismore will support the global expansion of Delano, as well as a “substantial” renovation to its namesake South Beach hotel, which will reopen as the brand's flagship location.
Dive Insight:
Though the Delano in Miami has been closed since March 2020, the partnership between Cain and Ennismore will breathe new life into the famed Art Deco property, as well as introduce the brand to new markets including Seoul, Istanbul, Cartagena and several other locations under negotiations.
“As we look to the future, Delano is constantly evolving, paying respect to the original brand, however, with a fresh new take which will appeal to both existing and new Delano guests,” Phil Zrihen, head of Americas for Ennismore, said in a press release.
The Delano South Beach, which opened in 1995, “spearheaded a golden era for hospitality in Miami and set the tone for lifestyle and leisure concepts worldwide,” Jonathan Goldstein, CEO and co-founder of Cain International, said in the release. “Today's market presents an opportunity to move the needle again.”
Ennismore representatives declined to provide additional information on the South Beach project but noted the company will continue operating all existing and future Delano properties globally. In 2021, Ennismore and Accor entered a joint venture partnership, creating an autonomous entity, in which Accor holds a majority shareholding.
