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Sunday, October 24, 2021

News: Accor complete Ennismore joint venture deal

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Accor has taken a stake in hotel developer Ennismore, home of the Hoxton brand.

Under terms of an all-share merger, the French hotel giant becomes the majority owner of the new entity, with a two thirds holding.

Founder Sharan Pasricha takes the outstanding third.

A statement said the joint venture matches Ennismore know-how in building brands with Accor’s skills in scale and distribution.

Pasricha and Gaurav Bhushan, co-chief executive, will lead the asset light entity which will run autonomously, comprising 14 hotel and co-working brands and a collection of over 150 culturally relevant and diverse restaurants and nightlife destinations.

The portfolio today includes 87 properties globally, with an additional 146 hotels in committed pipeline across different regions.

Accor will merge brands from its existing portfolio into the new structure, including 21c Museum Hotels, 25hours, Delano, Gleneagles, Hyde, Jo&Joe, Mama Shelter, Mondrian, Morgans Originals and Tribe.

Speaking about the announcement, Pasricha said: “It’s a very exciting day and the start of a new chapter for Ennismore as we become the largest and fastest growing lifestyle hospitality company.

“I couldn’t be more excited to bring together our unrivalled portfolio of brands in this new entity, and share the reins with my long-time friend and now co-chief executive, Gaurav.”

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