Accor has today announced it is entering into exclusive negotiations to sell a 10.8% stake in Ennismore, a joint venture set up between Accor (the majority shareholder) and Sharan Pasricha in October 2021.
The stake in Ennismore, the largest and fastest-growing. lifestyle hospitality company, will be sold to a Qatari consortium for a total amount of €185m (approx £159m).
This transaction demonstrates the excitement and attractiveness of this fast-growing segment, where RevPAR already significantly exceeds 2019 numbers.
In under a year, Ennismore has delivered a high growth performance opening a new hotel every 2 weeks, expanding its collective of brands in new regions, launching flagship properties SLS & 25hours in Dubai.
F&B is driving 50% of revenue, exceeding 2019 numbers, and there is a committed pipeline of over 100 hotels, with over 60 new projects signed.
The envisioned transaction reflects Accor’s continued simplification strategy pulling together its lifestyle and leisure activities within one single dedicated entity.
Ennismore will expand across the lifestyle and leisure segment with the addition of Accor’s stakes in Rixos, the all-inclusive brand, and Paris Society, an upscale collection of restaurants & entertainment venues
Pictured, Mama Shelter London in Shoreditch, which offers design-led bedrooms, homemade meals, original cocktails, restaurant, terrace and rooftop.