Since going public in 2021, Soho House – an upscale private members’ club frequented by A-listers, musicians, artists and other celebrity-adjacent individuals – has experienced a sharp decline in share value. The company has struggled to turn a profit despite growth in membership and revenue, according to Reuters.

A group of investors are taking Soho House private. The deal, which is worth $2.7 billion, is led by MCR, the luxury hotel operator behind the TWA Hotel at JFK Airport and the High Line Hotel in New York City, and MCR’s CEO, Tyler Morse.

The private members' club chain is returning to private ownership after four years on the New York Stock Exchange.