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October 5, 2021

Accor, Ennismore complete merger to establish new lifestyle entity

The new combined entity takes the name Ennismore and will comprise 14 global hotel and co-working brands.

Paris-based hotel giant Accor has completed its merger with London-based hospitality firm Ennismore to create a new lifestyle entity.

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Under the terms of the all-share merger agreement, Accor has become the majority shareholder of the new entity with 66.67% stake.

The remaining 33.33% interest in the new entity is held by Ennismore founder and co-CEO Sharan Pasricha.

The new autonomous entity will take the name Ennismore and be headquartered in London.

Sharan Pasricha and Accor Lifestyle & Entertainment CEO Gaurav Bhushan will lead Ennismore as co-CEOs.

Gaurav Bhushan said: “This joint venture has been months in the making and I couldn’t be happier to join Ennismore as co-CEO, alongside Sharan.

“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.”

The companies initially announced plans for the merger in November last year.

The combined portfolio of the new entity comprises of 14 hotel and co-working brands and a collection of more than 150 restaurants and nightlife destinations including 21C Museum Hotels, 25hours, Delano, Gleneagles, Hyde, JO&JOE, Mama Shelter, Mondrian, Morgans Originals, SLS, SO/.

It also includes 87 operating properties, with a further 141 hotels in the pipeline.

Furthermore, the new entity will benefit from an in-house creative studio, a digital product and technology innovation lab and a completely integrated restaurant and bars concept platform.

Sharan Pasricha said: “I couldn’t be more excited to bring together our unrivalled portfolio of brands in this new entity and share the reins with my long-time friend and now co-CEO, Gaurav.”

In addition, all previously leased assets will be deconsolidated by Accor into a separate structure.

It will be established with a fund managed by the majority owner Keys REIM, which holds 51% shareholding. Both Accor and Ennismore affiliates hold 24.5% each.

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Free Report
img

2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
  • Track the Aggregate Investment Volumes in PE/VC-Stage firms across geographies and sectors, in addition to viewing the specific deals that drove these volumes
  • Identify the top investors already active in any sector-Geography combinations
  • Assess the Performance of Financial and Legal Advisors, supporting the Dealmaking in any segment of choice (Customizable League tables)
  • Understand what is driving the PE/VC fundraising (Deal Rationale)
  Consult our full report here and optimize your business strategy.
by GlobalData
Enter your details here to receive your free Report.

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