Pride Holdings Group has announced the strategic acquisition of Lips Chicago, marking a significant expansion move for the LGBTQ+ hospitality company. The Chicago venue will be converted under Pride's successful Divas DDD brand, building on the established Fort Lauderdale model that has demonstrated strong market performance. This acquisition represents a calculated growth strategy for Pride Holdings Group, with the Chicago location expected to generate a 25% year-over-year revenue lift following rebranding and operational enhancements.
Mike Barrett, CEO of Pride Holdings Group, characterized the acquisition as a pivotal moment for both the company and its shareholders. Barrett emphasized that the conversion of Lips Chicago into the thriving Divas DDD brand expands both the company's geographic reach and revenue base. The strategic move reinforces Pride's leadership position in LGBTQ+ hospitality while delivering tangible financial results. The company's expansion strategy focuses on scaling with purpose, profit, and pride, according to executive statements.
Pride Holdings Group positions itself as the premier LGBTQ+ hospitality and cultural rollup, utilizing acquisition of high-value properties as a core component of its growth model. Additional growth drivers include launching tech-enabled membership platforms and creating new revenue channels through agency services. The company's approach aims to set global standards for inclusive hospitality while delivering sustainable growth to shareholders through carefully planned expansion initiatives. View the original release on www.newmediawire.com for complete details about this strategic acquisition.
This acquisition represents the latest in a series of strategic moves by Pride Holdings Group to strengthen its market position and financial performance. The successful conversion of Lips Chicago to the Divas DDD brand could serve as a template for future expansion opportunities as the company continues to execute its growth strategy in the competitive hospitality sector. The projected 25% revenue increase demonstrates the company's confidence in its ability to replicate the success of its existing Divas DDD concept in new markets, reinforcing Pride Holdings Group's position as a leader in the LGBTQ+ hospitality industry.
