Soho House Partners With Michael Milken to Open New Members-Only Club in DC
The Ned club coming to DC will be pricey — if the $5,000 annual fee in New York is any indication
The exclusive club franchise Soho House is joining up with financier and junk bond legend Michael Milken to open The Ned, a members-only club set to debut in Washington D.C., the Financial Times reported.
The Ned, an exclusive members-only club, already has spots in New York, London, and Doha. The investment for the D.C. club will be $1 billion. Milken has a net worth of around $6.5 billion, according to Forbes. Milken is not a partner in the other Ned clubs.
Membership at the club's New York location costs $5,000 a year, with an additional initiation fee of $1,500. Celebrities including Gigi Hadid, Leonardo DiCaprio and Julia Fox, attended the club's opening in June 2022. No pricing has been disclosed yet for the D.C. club.
Ned is even pricier than the Soho House, which offers access to its New York club at around $2,600 a year.
During Soho House's earnings call earlier in August, the company's chief financial officer Thomas Allen shared that the two Ned locations that opened last year are "performing well," according to a transcript of the call provided by FactSet.
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Following the news, Soho House shares fell 5.3% in mid-day trading on Friday.
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