Accor and Ennismore merger completes
The merger to establish Ennismore as a new ‘lifestyle entity' of which hospitality giant Accor will be majority owner, has completed.
Under the all-share merger, Accor, Europe's largest hotel group, now owns 66.67% of the shareholding in the new entity and Ennismore founder Sharan Pasricha has a 33.33% holding.
Simultaneously, Accor has deconsolidated formerly leased assets into a separate structure created with a fund managed by Keys REIM as majority owner with a 51% shareholding, while Accor and Ennismore affiliates both hold 24.5%.
Accor is understood to have spent more than £221m to buy out its partners in SBE Entertainment Group, Mama Shelter and 25hours towards create the company.
Co-chief executives Pasricha and Gaurav Bhushan will lead the asset-light entity, which will run autonomously, comprising 14 hotel and co-working brands and a collection of over 150 restaurants and nightlife destinations.
The portfolio includes 87 operating properties globally, with an additional 141 hotels in committed pipeline across different regions, under brands including 21c Museum Hotels, 25hours, Delano, Gleneagles, Hyde, Jo&Joe, Mama Shelter, Mondrian, Morgans Originals, SLS, SO/, the Hoxton, Tribe and Working From_.
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 longtime friend and now co-CEO, Gaurav."
Bhushan added: "This joint venture has been months in the making and I couldn't be happier to join Ennismore as co-CEO, alongside Sharan. Our teams are ready and eager to build on each of our unique lifestyle brands, with a dynamic global pipeline, creating an ecosystem of memorable and curated experiences across all our properties."
