The boutique chain, founded in Louisville in 2006, has 11 properties open and under development across the US.

AccorHotels said the acquisition marked “a new step” in its strategy to become “the leading player in the luxury and lifestyle segment in North America.”

As part of the agreement, 21c Museum Hotels co-founders Laura Lee Brown and Steve Wilson will retain a 15% stake in the company, and “will remain closely involved in providing creative guidance” for the brand’s future strategy.

21c Museum Hotels will continue to be led by president and chief executive, Craig Greenberg, and retain its corporate headquarters in Louisville.

The transaction is expected to be completed during the third quarter of 2018.

21c Museum Hotels currently operates properties in Bentonville, Cincinnati, Durham, Kansas City, Lexington, Louisville, Nashville and Oklahoma City, with three more in development in Des Moines, Miami and Chicago.

Kevin Frid, chief operating officer, North & Central America, AccorHotels, said: “We are delighted to welcome 21c Museum Hotels as part of the AccorHotels family of brands, hence strengthening the group’s footprint in North America in a very unique and promising niche.”