Accor forges lifestyle and enters exclusive talks with Ennismore
Wednesday, November 25, 2020
The move covers 12 international brands, including The Hoxton, Gleneagles, Delano, SLS, Mondrian, SO /, Hyde, Mama Shelter, 25hours, 21c, TRIBE and JO & JOE in 73 hotels, and an additional 110 hotels are in the preparation.
Decolonising existing lease agreements will have a benefit to Accor's consolidated net debt in 2020.
The combined firm will function as an independent entity and will operate 73 hotels under 12 brands, including Hoxton and Mama Shelter, along with over 150 restaurants and bars.
Basing the actual network and pipeline, the lifestyle platform will deliver EBITDA in excess of c.100m by midterm.
Ennismore founder Sharan Pasricha will co-CEOs along with Gaurav Bhushan, CEO of Accor's lifestyle operations.
Under the proposed merger a new company will be created which will keep all leasing assets under the brands of the merged company.