Accor finalizes a lifestyle joint venture with Ennismore
Fourteen lifestyle hotel brands are now part of Ennismore’s hotel portfolio, with the company’s lifestyle joint venture and equity merger now complete and effective.
The move brings lifestyle brands in the hospitality, foodservice and coworking industries under the roof of Ennismore, including 21C Museum Hotels, 25hours, Delano, Gleneagles, Hyde, Jo & Joe, Mama Shelter, Mondrian, Morgans Originals, SLS, SO /, The Hoxton, TRIBU and Working From_.
In total, the portfolio is made up of 87 properties in operation and 141 under development, including the first 25hours hotels in Sydney which is expected to open in late 2022 and Mondrian Gold Coast, which will open in 2023.
The Ennismore portfolio will be led by Founder and Co-CEO Sharan Pasricha, who will be supported by longtime Accor CEO Gaurav Bhushan as Co-CEO. Pasricha said that entering into the partnership with Accor was an exciting day.
As part of the joint venture, initially announced last year, Accor will be the majority shareholder, with Pasricha holding a minority stake. Each Ennismore brand will retain its own operational independence as well as its brand identity, culture and performance criteria. Behind-the-scenes support will come from in-house designers working on the interiors of the portfolio as well as experts in technology, restaurants and bars to ensure a high-quality customer experience.
âThis is a very exciting day and the start of a new chapter for Ennismore as we become the largest and fastest growing lifestyle hospitality company,â Pasricha said.
âI couldn’t be more excited to bring our unrivaled brand portfolio together into this new entity and share the reins with my longtime friend and now co-CEO, Gaurav. ”
Bhushan said the joint venture has been in the works for a long time and he is excited about the potential of the collaboration.
âThis joint venture took months of preparation and I couldn’t be happier to join Ennismore as co-CEO, alongside Sharan. Our teams are ready and eager to leverage each of our unique lifestyle brands, with a vibrant global pipeline, creating an ecosystem of memorable and organized experiences across all of our properties. ”
Several of the hotel brands that moved to the new Ennismore entity were only recently taken over by Accor following its full acquisition of the sbe Entertainment hotel brands as part of its asset-light strategy which included brands such as Delano, Mondrian, SLS and the Hyde restaurant label. .