Accor enters talks to sell £159m stake in Ennismore to Qatari consortium

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Hotel giant Accor is entering negotiations to sell a 10.8% stake in Ennismore to a Qatari consortium for €185m (£159m).

The deal will include €20m of Shari’a compliant financing by Qatar First Bank to the Qatari consortium’s investment vehicle.

Upon completion, Accor will retain a controlling stake of 62.2% in Ennismore, with the remaining shares held by Sharan Pasricha founder & co-CEO of Ennismore and the new incoming investors.

The move will see Ennismore expand across the lifestyle and leisure segment with the addition of Accor’s stakes in Rixos, the all-inclusive brand in the Middle East, and Paris Society, an upscale collection of restaurants and entertainment venues.

The combined Ennismore group will now consist of more than 130 hotels operating in nearly 40 countries, with more than 275 F&B venues.

Ennismore merged with French-owned hotel giant Accor in October last year with Accor becoming the majority owner with 66.67% of the shareholding with Ennismore founder and CEO Sharan Pasricha taking a 33.33% holding.

Ennismore has opened a new hotel every two weeks, expanding into new regions and launching flagship properties SLS & 25hours in Dubai. It other brands include Delano, Gleneagles, Hyde, JO&JOE, Mama Shelter, Mondrian, Morgans Originals, The Hoxton, and TRIBE.

It has a committed pipeline of more than 100 hotels, with more than 60 new projects signed in 2021.