Global property giant Accor has completed its joint venture deal with Ennismore to create a new lifestyle hospitality company comprising 14 global hotel and co-working brands.
Under the terms of an all-share merger, Accor has become the majority owner of the new entity with 66.67% of the shareholding, while Ennismore founder Sharan Pasricha holds a 33.33% stake.
Simultaneously, Accor has deconsolidated 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%.
Sharan Pasricha, founder & co-CEO and Gaurav Bhushan, co-CEO, will lead the asset light entity which will run autonomously, comprising 14 hotel & co-working brands and a collection of over 150 diverse 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_.
Said Pasricha: '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.
'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.'
Bhushan added: '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.'
Dentons advised Ennismore on legal matters.
