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Soho House, which owns private clubs in North America, Europe and Asia, has developed a number of innovations as they publish in New York.
The group, which is changing its name to One Members’ Group as part of the group’s initial donations, wants to raise about $ 3bn, according to people familiar with the matter.
As the coronavirus lockdowns begin to decline and vaccine programs have been released, the company is trying to find a share capital that has already helped like Hilton, Marriott, Hyatt and Airbnb.
UK business founder Nick Jones and with the help of US billionaire Ron Burkle, the hospitality group has been identified as a popular resort from Damien Hirst to Prince Harry.
It wants to open another 18 sites by the end of 2023, adding to the existing 28, according to their screening at the U.S. Securities and Exchange Commission on Monday. His long-term plan is to open three to five new locations each year.
The company hopes that the courage of its members during the epidemic will increase its interest in investors. It retained 92% membership last year compared to an average of 94% between 2016 and 2020, according to the filter.
The group will change its name to a Member of the Governing Body which will feature other brands such as The Ned and Scorpios, confirming previous reports. It will write on the “MCG” type.
Although the company did not say how many shares or how much it would sell, its kind of courage in the face of coronavirus problems gives them direct confidence counting more than the $ 2bn marker set in the $ 100m budget last year, people familiar with the matter said.
Annual members who allow access to all pages of Soho House 28 cost $ 3,400 US. Earlier this year, the list of potential members exceeded 48,000, according to a filter.
“You can see why they are using this moment in the IPO,” said Richard Clarke, a travel analyst at Bernstein. “We’ve seen how Airbnb’s IPO contributed to the interest in the move.”
He added that members of the Coalition could also benefit from the idea that people would want to “work anywhere” instead of just going back to the office but warned: “At the moment no one knows how digital digital culture will work.”
Although becoming a member of about 16% annually between 2016 and 2020, the company has never made a profit due to the active opening of new facilities.
Over the past two years, it has focused on increasing the amount of revenue that comes from membership payments instead of relying on food, beverages and their competitive events.
It also suspends non-members using its facilities and features several member groups, such as the $ 100 “Soho Friends” registration which allows for limited access. It will establish digital memberships in the spring that will do the same with paid social media sites.
“Providing the only new digital way will make our members more global and more diverse,” Jones wrote in a statement.
Start-up costs for this quarter amounted to $ 72m, down from $ 142m in the same period last year. The group also cited a $ 93m quarter deficit, compared to the immediate loss of $ 45m in 2020.
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