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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