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Wed, 25 November 2020

Accor to be Majority Shareholder in New Lifestyle Venture with Ennismore

Accor and Ennismore have entered into negotiations to form one of the worlds leading lifestyle operators in the hospitality sector.

Through this all-share merger, a new autonomous and fully asset light entity will bring together a portfolio of brands, including The Hoxton, Gleneagles, Delano, SLS, Mondrian, SO/, Hyde, Mama Shelter, 25h, 21c Museum Hotels, TRIBE, JO&JOE and Working From_.

The new entity will be headquartered in London and will take the name Ennismore.

Sharan Pasricha, Founder and CEO of Ennismore and Gaurav Bhushan, CEO of the Accor Lifestyle division will become Co-CEOs of the combined entity, alongside an experienced, highly skilled and international management team coming from the various brands and industries across the globe.

Hi-So Bar at SO Sofitel Bangkok. Click to enlarge.

Accor will be the majority shareholder of the new entity, with Sharan Pasricha holding a substantial minority position.

Sharan said, Over the last nine years, our mission with Ennismore has always been creating hospitality brands that inspire discovery. I'm passionate about how brands make you feel, from the personalised digital experience to the design, and with an incredible team of operators and creatives around me, we have expanded The Hoxton across the globe; reimagined Gleneagles; and crafted unique restaurant and bar concepts. This exciting autonomous entity with Accor - one with culture and brand purpose at its heart - allows us to come together to build on our combined portfolio of unique lifestyle brands, accelerate our growth and explore new markets. I look forward to working with Gaurav and Sbastien on this exciting next chapter as we become an unrivalled player in the hospitality industry.

At its inception, the combined entity will comprise 12 brands with 73 hotels in operation with a committed pipeline of more than 110 hotels and another c. 70 hotels under active discussion, and over 150 destination restaurant and bars.

Based on the current network and pipeline the lifestyle platform should achieve an EBITDA of over c. 100m by midterm, the project resulting in significant cost synergies of approximately 15m per year.

In order to form this joint venture, Accor intends to buy out its partners in sbe, Mama Shelter and 25h.

The planned combination also envisages the formation of a new company which will hold all the leased assets under the combined entitys brands. The deconsolidation of the existing leases will have a 52m positive effect on Accors consolidated net debt in 2020.

Under the leadership of Sharan Pasricha and Gaurav Bhushan, each brand will retain their unique culture and purpose, supported by dedicated teams and with the full support of their founders, including the Trigano family, founders of Mama Shelter; Christoph Hoffman, founder of 25h; Sam Nazarian, founder of sbe; Laura Lee Brown and Steve Wilson for 21C, and Melissa and Mark Peters for TRIBE.

The new venture will benefit from an in-house global creative studio, designing interiors and brand communication; a digital and technology team innovating the guest experience; and a team of restaurant and bar specialists crafting unique concepts rooted in their neighbourhoods.

Accors Lifestyle operations today represent c.5% of Accors fees and over 25% of the pipeline fees.

Growth will be accelerated, building on a strong footprint in Europe and the U.S., and a rapidly expanding presence in Asia Pacific, the Middle East and South America supported by Accors development teams.

Closing is expected to occur in the first semester of 2021 and is subject to the employee consultation process and customary regulatory authorizations for projects of this type.

Sbastien Bazin, Chairman & CEO of Accor said Lifestyle, entertainment, places with a soul have been at the heart of our development and growth strategy over the last years. Partnering with Ennismores founder Sharan and his great teams will take our Lifestyle ambition to a new and exciting level. With this combination, we are leading the hospitality industry by creating the largest and fastest growing ecosystem of world class brands. Lifestyle is a sector fueled by passionate and daring entrepreneurs, constantly pushing the boundaries of a reinvented vision of travelling the world. I am proud Accor has been able to join forces with many of the most creative and talented ones. This new powerful combination is set to become the engine of our exciting future growth.

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