Qatar: Accor has entered into negotiations to sell 10.8 per cent interest in Ennismore to a consortium of Qatari investors.
The transaction, at an estimated value of €185 million, will include €20 million financing from Qatar First Bank. It values Ennismore at more than €2 billion.
Accor will retain a controlling stake of 62.2 per cent with the remaining shares held by Sharan Pasricha, founder and co-CEO of Ennismore alongside the new investors.
As part of the deal, Accor will also merge its stakes in all-inclusive brand Rixos and upscale restaurant operator Paris Society into Ennismore. The combined group will consist of over 130 hotels in nearly 40 countries, with over 275 F&B venues.
Subject to regulatory approval, the deal is expected to close by year end.
Sebastien Bazin, chairman and CEO of Accor said: “In only a few years, Accor together with Sharan Pasricha, Fettah Tamince and Laurent de Gourcuff, the three talented founders of Ennismore, Rixos and Paris Society, have built a powerhouse of global lifestyle brands supported by dedicated entrepreneurs and talented teams. Pulling them together and joining forces with our Qatari partners will further unlock the value of Ennismore and take it to the next level.
“This is a recognition of the strength Ennismore’s portfolio of lifestyle brands and its unique business model based on constant innovation, highest quality, sense of purpose and solid growth.”