Accor and Ennismore announced they are entering into exclusive negotiations to form the world’s leading lifestyle operator in the hospitality sector, focusing on one of the fastest growing segments of the industry.
Through this all-share merger, a new autonomous and fully asset-light entity will bring together a portfolio of brands, including the Hoxton, Gleneagles, Delano, SLS, Mondrian, SO/, Hyde, Mama Shelter, 25hours, 21c Museum Hotels, TRIBE, JO&JOE and Working From_. The new entity will be headquartered in London and will take the name Ennismore.
Sharan Pasricha, founder and CEO of Ennismore, and Gaurav Bhushan, CEO of the Accor Lifestyle division, will become co-CEOs of the combined entity. Accor will be the majority shareholder of the new entity, with Pasricha holding a substantial minority position.
The combined entity will comprise 12 brands with 73 hotels in operation with a committed pipeline of more than 110 hotels and another 70 hotels under active discussion, and over 150 destination restaurant and bars. In order to form this joint venture, Accor intends to buy out its partners in sbe, Mama Shelter, and 25hours. The planned combination also envisages the formation of a new company which will hold all the leased assets under the combined entity’s brands.
This new venture will benefit from an in-house global creative studio, designing interiors and brand communication; an expert digital and technology team innovating the guest experience; and a team of restaurant and bar specialists crafting concepts rooted in their neighborhoods.
Closing is expected to occur in the first semester of 2021 and is subject to the employee consultation process and customary regulatory authorizations for projects of this type.
Photo: The Hoxton Paris, Courtesy of Accor