Accor and Ennismore merger completes

04 October 2021 by
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."

The Caterer Breakfast Briefing Email

Start the working day with The Caterer’s free breakfast briefing email

Sign Up and manage your preferences below

Check mark icon
Thank you

You have successfully signed up for the Caterer Breakfast Briefing Email and will hear from us soon!

Jacobs Media Group is honoured to be the recipient of the 2020 Queen's Award for Enterprise.

The highest official awards for UK businesses since being established by royal warrant in 1965. Read more.

close

Ad Blocker detected

We have noticed you are using an adblocker and – although we support freedom of choice – we would like to ask you to enable ads on our site. They are an important revenue source which supports free access of our website's content, especially during the COVID-19 crisis.

trade tracker pixel tracking