MGM Resorts acquires 50% stake in group operating boutique NoMad hotels

MGM Resorts International, the company known for its flashy casinos and resorts, is making moves to enter the boutique hotel business beyond the Las Vegas strip.

The company, which has primarily worked as a hotel operator in the casino industry, has acquired a 50% stake in Sydell Group, the company that operates NoMad hotels, LINE, Saguaro and other brands, the Wall Street Journal reported.

People familiar with the acquisition told the Journal that MGM was buying half the equity in the company. MGM declined to disclose the terms of the deal or the price.

Sydell, which is New York-based, has 16 hotels open or under construction in New York, Los Angeles and London, among other cities.