Hospitality groups Accor and Ennismore have completed a joint
venture deal that will see the two companies merge and form a new lifestyle entity.
Under the terms of the agreement, first announced in
November 2020, Accor owns a majority 66.67 per cent share in the new company,
which will be called Ennismore, while Sharan Pasricha owns 33.33 per cent.
Simultaneously, Accor is deconsolidating formerly leased assets into a separate
structure created with a fund managed by Keys REIM as majority owner with 51
per cent shareholding, while Accor and Ennismore affiliates both hold 24.5 per
cent each.
Ennismore founder Pasricha and Accor Lifestyle chief executive
Gaurav Bhushan become co-CEOs of the new company, which comprises 14 hotel and
co-working brands such as 21c Museum Hotels, 25hours, Gleneagles, Mama Shelter,
Mondrian, The Hoxton and TRIBE, as well as a collection of more than 150
restaurants and nightlife venues. The portfolio includes 87 operating hotel
properties with an additional 141 locations in a committed pipeline.
Pasricha commented: “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-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.”