The move will comprise 12 international brands, including The Hoxton, Gleneagles, Delano, SLS, Mondrian, SO/, Hyde, Mama Shelter, 25hours, 21c Museum Hotels, TRIBE, and JO&JOE across 73 hotels, with a further 110 hotels in the pipeline. The combined company will take the name Ennismore and have its headquarters in London.
There are around a further 70 hotels under active discussion, and more than 150 destination restaurant and bars. Based on the current network and pipeline, the new business is projected to report earnings before interest, taxes, depreciation, and amortization (EBITDA) of more than €100m by midterm.
Sharan Pasricha, founder and CEO of Ennismore and Gaurav Bhushan, CEO of the Accor Lifestyle division will become co-CEOs of the combined entity. Accor will be the majority shareholder of the new entity, with Sharan Pasricha holding a substantial minority position.
“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,” says Pasricha.
“I look forward to working with Gaurav and Sébastien on this exciting next chapter as we become an unrivalled player in the hospitality industry.”
Each brand will retain their ‘unique culture and purpose’ as part of the deal with support of their founders, including the Trigano family, founders of Mama Shelter; Christopher Hoffman, founder of 25 Hours; Sam Nazarian, founder of sbe; Laura Lee Brown and Steve Wilson for 21C, and Melissa and Mark Peters for TRIBE.
“Joining forces with Sharan and Ennismore’s talented teams will be a major step in Accor’s development strategy,” says Gaurav Bhushan, CEO of Accor’s Lifestyle operations.
“With this combination, we are putting together an unrivalled portfolio of unique brands that appeals to owners, partners and guests, supported by the greatest set of talents in the industry, state of the art distribution and tools and a common ambition to continue to grow and innovate.”