Under terms of the all-share merger, Accor becomes the majority owner of the new entity with 66.67% of the shareholding with Ennismore founder and CEO Sharan Pasricha taking a 33.33% holding.
The joint venture ‘brings together Ennismore’s know-how in building brands with purpose through creative storytelling, design and authentic experiences’ with Accor’s ‘wealth of knowledge in delivering scale, network growth and distribution’.
Simultaneously, Accor deconsolidates formerly leased assets into a separate structure created with a fund managed by Keys REIM as majority owner with 51% shareholding, while Accor and Ennismore affiliates both hold 24.5%.
Pasricha and co-CEO Gaurav Bhushan will autonomously lead the ‘asset light’ entity, which compriss 14 hotel and co-working brands and a collection of over 150 restaurants and nightlife destinations.
The portfolio today includes 87 operating properties globally, with an additional 141 hotels in committed pipeline across different regions, operating under brands including 21c Museum Hotels, 25hours, Delano, Gleneagles, Hyde, JO&JOE, Mama Shelter, Mondrian, Morgans Originals, SLS, SO/, The Hoxton, TRIBE and Working From_.
“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,” says Pasricha. “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.”
“This joint venture has been months in the making and I couldn’t be happier to join Ennismore as Co-CEO, alongside Sharan,” adds Bhushan. “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.”