The Ned to open first international site in New York
The Ned NoMad is set to open in New York in summer 2022, the brand's first international site since the launch of the Ned London in 2017.
The hotel and members' club will be located in the Johnston Building, the former NoMad hotel in Manhattan. The property was built in 1903 as a store and office building. The original architectural features will be honoured, with interiors designed by the Soho House design team.
The Ned NoMad will offer a mix of members-only and public spaces, including 167 bedrooms, a public bar and restaurant, and ‘Ned's Club' – a member's club with a rooftop bar and terrace restaurant and mezzanine bar.
A Ned's Club in Washington DC was expected to open last year and is still understood to be in the pipeline; however, the New York site will be opening first.
Soho House confirmed plans to open one or two new Neds annually in a letter to members earlier this year shortly before launching on the New York Stock Exchange in the summer under parent group the Membership Collective.
From opening a private members' club in London's Soho in 1995, founder and chief executive Nick Jones has gone on to create a global phenomenon with the business and was named 2015 Hotelier of the Year. The group's 28 properties also include Babington House in Somerset and Soho Farmhouse in Oxfordshire.
Over the years, Jones has sold shares in Soho House & Co to fund expansion. American billionaire businessman Burkle is believed to own a stake of approximately 60%, acquired for £250m in 2012, while 30% is held by restaurateur Richard Caring and Jones holds the remaining 10%. The entire group has more than 119,000 members, including over 111,300 Soho House members.
For the 2020 financial year, Soho House had total revenues of $384m (£276m), a net loss of $235m (£169m) and negative earnings before interest, tax, depreciation and amortisation (EBITDA) of $44m (£32m). Although its membership for the year was hit by the pandemic, it reported a retention rate of 92%.
