Accor to be Majority Shareholder in New Lifestyle Venture with Ennismore

Accor and Ennismore have entered into negotiations
to form one of the world’s 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.


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 Sébastien 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 entity’s brands. The deconsolidation of the
existing leases will have a €52m positive effect on Accor’s
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.

Accor’s Lifestyle operations today represent c.5%
of Accor’s 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 Accor’s 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.

Sébastien 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 Ennismore’s 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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