Marriott International is scheduled to acquire the Lifestyle Hotel Brand Citizenm in a $ 355 million (£ 266 million) store.
The acquisition is expanding the Marriott portfolio – with the world’s largest hotel operator with over 9,300 properties – adding 36 hotels and 8544 rooms to the web.
Founded in 2008, Citizenm offers “affordable luxury” through compact, technical skilled rooms, contemporary art and roof bar.
Citizenm’s portfolio extends to over 20 cities, including New York, Paris and Rome. In the United Kingdom it has one hotel in Glasgow and five in London, most of the room prices are less than £ 200 per night.
Three Citizenm hotels, consisting of more than 600 rooms, are currently under construction and are expected to open by mid-2016.
The deal is expected to be completed in 2025.
Rattan Chadha, founder and chairman of Citizenm, said that sales could smooth the way to “many additional citizens’ properties in new destinations around the world”.
He added, “We are very excited about Marriott’s agreement and are looking forward to this central next step for future growth.
