{"id":1055,"date":"2020-11-25T23:01:10","date_gmt":"2020-11-25T16:01:10","guid":{"rendered":"http:\/\/bangkokagenda.com\/?p=1055"},"modified":"2020-11-26T00:34:52","modified_gmt":"2020-11-25T17:34:52","slug":"accor-doubles-down-on-lifestyle-and-enters-into-exclusive-negotiations-with-ennismore","status":"publish","type":"post","link":"https:\/\/bangkokagenda.com\/?p=1055","title":{"rendered":"Accor doubles down on lifestyle and enters into exclusive negotiations with Ennismore"},"content":{"rendered":"
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Accor doubles down on lifestyle and enters into exclusive negotiations with Ennismore<\/strong><\/h2>\n

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THE NEWLY ESTABLISHED LIFESTYLE ENTITY IS SET TO BECOME THE LARGEST & FASTEST GROWING GLOBAL PLAYER WITH 12 WORLD-CLASS BRANDS<\/p>\n

Accor & Ennismore today announced they are entering into exclusive negotiations to form the world\u2019s leading lifestyle operator in the hospitality sector, focusing on one of the fastest growing segments of the industry.<\/p>\n

Through this all-share merger, a new autonomous and fully asset light entity will bring together an unrivalled portfolio of world class brands, including The Hoxton, Gleneagles, Delano, SLS, Mondrian, SO\/, Hyde, Mama Shelter, 25h, 21c Museum Hotels, TRIBE, JO&JOE and Working From_. The new entity will be headquartered in London and will take the name Ennismore.<\/p>\n

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Sharan Pasricha, Founder & CEO of Ennismore<\/figcaption><\/figure>\n

Sharan Pasricha, Founder and CEO of Ennismore and Gaurav Bhushan, CEO of the Accor Lifestyle division will become Co-CEOs of the combined entity, alongside an experienced, highly skilled and international management team coming from the various brands and industries across the globe. Accor will be the majority shareholder of the new entity, with Sharan Pasricha holding a substantial minority position.<\/p>\n

At its inception, the combined entity will comprise 12 brands with 73 hotels in operation with a committed pipeline of more than 110 hotels and another c. 70 hotels under active discussion, and over 150 destination restaurant and bars. Based on the current network and pipeline the lifestyle platform should achieve an EBITDA of over c. \u20ac100m by midterm, the project resulting in significant cost synergies of approximately \u20ac15m per year.<\/p>\n

In order to form this joint venture, Accor intends to buy out its partners in sbe (see dedicated release by Accor), Mama Shelter and 25h. The planned combination also envisages the formation of a new company which will hold all the leased assets under the combined entity\u2019s brands. The deconsolidation of the existing leases will have a \u20ac52m positive effect on Accor\u2019s consolidated net debt in 2020.<\/p>\n

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Mama Shelter<\/figcaption><\/figure>\n

Under the leadership of Sharan Pasricha and Gaurav Bhushan, each brand will retain their unique culture and purpose, supported by dedicated teams and with the full support of their founders, including the Trigano family, founders of Mama Shelter; Christoph Hoffman, founder of 25h; Sam Nazarian, founder of sbe; Laura Lee Brown and Steve Wilson for 21C, and Melissa and Mark Peters for TRIBE.<\/p>\n

This new, unified and powerful venture will benefit from an in-house global creative studio, designing award-winning interiors and brand communication; an expert digital and technology team innovating the guest experience; and a team of restaurant and bar specialists crafting unique concepts rooted in their neighbourhoods.<\/p>\n