French hospitality group Accor and UK-based Ennismore, parent company of the Hoxton hotel chain and Scotland’s Gleneagles resort, have announced the formation of what the companies call the world’s leading lifestyle operator in the hospitality sector.
The new group’s portfolio includes brands from the hospitality group sbe Entertainment, in which Accor has held a 50 percent stake since 2018. To facilitate the Ennismore deal, Accor is taking full ownership of sbe after closing a deal with founder Sam Nazarian. Accor says it will also buy out its partners in the Mama Shelter and 25hours brands.
Through the all-share merger, a new autonomous entity operating under the name Ennismore will bring together a portfolio of brands that includes The Hoxton, Gleneagles, Delano, SLS, Mondrian, SO/, Hyde, Mama Shelter, 25h, 21c Museum Hotels, TRIBE, JO&JOE and Working From_.
Sharan Pasricha, founder and CEO of Ennismore; and Gaurav Bhushan, CEO of the Accor Lifestyle division, will become co-CEOs. Accor will be the majority shareholder of the new entity, with Pasricha holding a substantial minority position.
At its inception, the venture will have a portfolio of 12 brands with 73 hotels in operation, with more than 110 in the pipeline, plus over 150 destination restaurant and bars. Another 70 properties are in active discussions, the group said.
The deal is set to close early next year.