September 2022
  • Accor


Ennismore continues to successfully build on its strong growth by expanding its presence in the lifestyle and leisure market with the contribution of Accor’s shares in Rixos and Paris Society

The transaction is based on an enterprise value of Ennismore of more than €2 billion

Lifestyle and leisure segments demonstrate stronger performance than all other market segments and strong profitability growth prospects for the future

Accor enters into exclusive negotiations for the sale of a 10.8% stake in Ennismore, the fastest growing lifestyle hotel operator

Following the launch of Ennismore, a new joint venture between Accor (which holds a majority stake) and Sharan Pasricha in October 2021, as a global leader in lifestyle hotels, Accor announced today that it is entering into exclusive negotiations to sell a 10, 20 million in Shariah compliant financing provided by Qatar First Bank LLC (Public) to the Qatari consortium’s investment vehicle.

This transaction demonstrates the excitement and attractiveness of this fast-growing segment, where RevPAR is already well ahead of 2019 figures. In less than a year, Ennismore has delivered a strong performance by opening a new hotel every two weeks, expanding its brand collective into new regions, launching iconic addresses such as SLS and 25hours in Dubai, with F&B business accounting for 50% of revenue, exceeding 2019 figures, and with a committed pipeline of more than 100 hotels and more than 60 new projects signed in 2021.

The proposed transaction reflects Accor’s ongoing simplification strategy of consolidating its lifestyle and leisure businesses into a single dedicated entity. Ennismore will expand in the lifestyle and leisure segment with the addition of Accor’s interests in Rixos, the all-inclusive brand, and Paris Society, a portfolio of upscale restaurants and entertainment venues.

  • Paris Society, a leading player in the luxury F&B industry in France, will reinforce Ennismore’s strong skills in this field by bringing its experience in the high-end catering and event management sector.
  • Rixos, the first all-inclusive brand in the Middle East, will complement Ennismore’s offering by bringing the all-inclusive hotel concept and will leverage Ennismore’s F&B and programming expertise to further develop the concept and grow its network.

The combined Ennismore Group will then include more than 130 hotels in nearly 40 countries, with more than 275 restaurants and bars.


Ennismore today comprises a unique collective of leading lifestyle brands, including 21c Museum Hotel, 25hours Hotels, Delano, Gleneagles, Hyde, JO&JOE, Mama Shelter, Mondrian, Morgans Originals, SLS, SO/, The Hoxton, TRIBE and Working From.

The transaction is expected to close in the second half of 2022 and is subject to the employee consultation process, customary regulatory approvals and closing conditions.

The proposed transaction reflects an implied EV/EBITDA multiple of 18x for 2023 for the combined Ennismore group. Upon completion of the transaction, Accor will retain a 62.2% controlling interest in Ennismore, with the remaining shares held by Sharan Pasricha, founder and co-CEO of Ennismore, and the new incoming investors.

Sébastien Bazin, Chairman and CEO of Accor, said: “In just a few years, Accor and Sharan Pasricha, Fettah Tamince and Laurent de Gourcuff, the three talented founders of Ennismore, Rixos and Paris Society, have built a portfolio of global lifestyle brands, supported by dedicated entrepreneurs and talented teams. By bringing them together and joining forces with our Qatari partners, we will unlock the value of Ennismore and take it to the next level. This is a recognition of the strength of Ennismore’s portfolio of lifestyle brands and its unique business model based on constant innovation, the highest quality standards, a clear vision and solid growth.”