Paris-based hotel giant Accor has completed its merger with London-based hospitality firm Ennismore to create a new lifestyle entity.
Under the terms of the all-share merger agreement, Accor has become the majority shareholder of the new entity with 66.67% stake.
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By GlobalDataThe 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.
