LIFESTYLE hotels company Ennismore and French multinational Accor have formed a joint venture in the hospitality industry.
The new entity will retain the name Ennismore, where its founder Sharan Pasricha will hold a 33.33 per cent stake and Accor will have a controlling 66.67 per cent shareholding.
Pasricha and his Gaurav Bhushan of Accor will run the joint venture as co-CEOs.
The joint venture has 87 properties and a 146-hotel development pipeline.
Ennismore’s portfolio includes brands such as 21c, 25h, Delano, Gleneagles, Hyde, Mama Shelter, Mondrian, Morgans Originals, SLS and The Haxton.
According to travel industry news site Skift, the merger aims to complement Ennismore’s ability "to build cool brands" with Accor's skills to provide a global distribution platform.
Pasricha said about the future of the merged entity, "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 long-time friend and now co-CEO, Gaurav”.
Bhushan added, “This joint venture has been months in the making… 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.”
