Big changes for Soho House as it expands, changes its name, and prepares to go public
Members-only Soho House -- known for its core business model of selling access to its private, club-like consortium of international properties to a trend-setting clientele -- is changing its name to Membership Collective Group as it gets ready to go public on the New York Stock Exchange (NYSE), according to Sky News.
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What does this mean for travelers who are fans of the clubby members-only accommodations and restaurants in spots like New York, Berlin and Istanbul?
If you're already one of the 100,000 Soho House members, Sky News says that the company is said to be working on a share offer enabling its members around the world to "subscribe for stock up to a specific threshold likely to be several thousand pounds."
Related: Soho House Berlin
Although pricey memberships that run several thousand dollars grant you access to properties and the ability to reserve rooms (either local or international, depending on your buy-in level), there's often the ability to book accommodations directly with the properties. We did this at the bucolic Soho Farmhouse Oxfordshire by inquiring directly with the property through the website (being flexible with your dates helps snag a reservation). So you may be able to check in, and check out what the new financial arrangement and name change means for yourself sometimes soon.
Related: Soho House Istanbul
Otherwise, sit tight. Soho House/Membership Collective Group, which currently boasts 27 properties in 10 countries, is opening several more properties soon in Austin, TX, Paris, Rome and Tel Aviv.
The company is expected to trade under the ticker "MCG" and is anticipating a valuation of somewhere between $3- $4 billion according to who you ask. Business Insider suggests a three billion dollar valuation and talks about what a huge "windfall" this will be for company founder Nick Jones. Sky News reports it could see a valuation as high as $4 billion.
Related: Soho House New York
The company received initial financial support from JPMorgan Chase & Co. and Morgan Stanley. And Sky News reports that the "finishing touches to its initial public offering (IPO) are being applied weeks after Goldman Sachs placed a big bet on the company's growth," providing a $770 million loan to help accelerate its expansion.
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Build your loyalty to Delta by applying for the carrier's mid-tier card option, the Delta SkyMiles Platinum card. The annual fee is quickly recouped by the card's travel perks, such as an application credit to Global Entry or TSA Precheck, annual companion certificate and so much more. Plus you can fast-track to elite status simply through card spend.Pros
- Earn bonus Medallion® Qualification Miles (MQMs) and an Medallion Qualifying Dollar (MQD) waiver when you hit specific spending thresholds with your card within a calendar year
- Receive a Domestic Main Cabin round-trip companion certificate each year
- Statement credit for TSA PreCheck/Global Entry fee (up to $100)
- First checked bag free
Cons
- Doesn't make sense if you don't fly Delta
- SkyMiles aren't the most valuable airline currency
- Earn 90,000 bonus miles after you spend $4,000 in purchases on your new Card in your first 6 months.
- Receive a Domestic Main Cabin round-trip companion certificate each year upon renewal of your Card. Payment of the government imposed taxes and fees of no more than $80 for roundtrip domestic flights (for itineraries with up to four flight segments) is required. Baggage charges and other restrictions apply. See terms and conditions for details.
- Enjoy your first checked bag free on Delta flights. Plus enjoy Main Cabin 1 Priority Boarding and settle into your seat sooner.
- New: Card Members get 15% off when using miles to book Award Travel on Delta flights through delta.com and the Fly Delta app. Discount not applicable to partner-operated flights or to taxes and fees.
- Earn 3X Miles on Delta purchases and purchases made directly with hotels.
- Earn 2X Miles at restaurants worldwide including takeout and delivery in the U.S., and at U.S. supermarkets.
- Earn 1X Mile on all other eligible purchases.
- Enjoy a per-visit rate of $50 per person for Card Members and up to two guests to enter the Delta Sky Club when traveling on a Delta flight.
- Fee Credit for Global Entry or TSA PreCheck® after you apply through any Authorized Enrollment Provider. If approved for Global Entry, at no additional charge, you will receive access to TSA PreCheck.
- Earn up to 20,000 Medallion® Qualification Miles (MQMs) with Status Boost® per year. After you spend $25,000 in purchases on your Card in a calendar year, you can earn 10,000 MQMs up to two times per year, getting you closer to Medallion® Status. MQMs are used to determine Medallion® Status and are different than miles you earn toward flights.
- No Foreign Transaction Fees.
- $250 Annual Fee.
- Terms Apply.
- See Rates & Fees