Worldwide: Under the terms of an all-share merger, Accor has become a majority owner of the new lifestyle entity with 66.67 per cent holding, and Sharan Pasricha, founder of Ennismore, retaining 33.33 per cent.
The joint venture between Accor and Ennismore was first announced last year. It brings together 14 hotel and coworking brands and a collection of over 150 restaurants and nightlife venues.
All together, the portfolio includes 87 operating properties under the name Ennismore. There is currently 141 hotels in the pipeline, including brands 21c Museum Hotels, 25hours, Delano, JO&JOE, Mondrian, SLS and more.
Pasricha and Gaurav Bhushan will lead the asset light entity as co-CEOs. 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.”
Accor will reconsolidate its formerly leased assets into a separate structure created with a fund managed by Keys REIM as a majority owner (51 per cent shareholding). Accor and Ennismore affiliates both hold 24.5 per cent.
