As previously announced, under terms of an all-share merger, Accor became the majority owner of the new entity with 66.67 percent of the shareholding and Sharan Pasricha with 33.33 percent holding. The joint venture brings together the Ennismore know-how in building brands with purpose through storytelling, design, and experiences with Accor’s wealth of knowledge in delivering scale, network growth, and distribution. Simultaneously, Accor separates from formerly leased assets into a separate structure created with a fund managed by Keys REIM as majority owner with 51 percent shareholding, while Accor and Ennismore affiliates both hold 24.5 percent.
Sharan Pasricha, founder and co-CEO, and Gaurav Bhushan, co-CEO, will lead the entity, which will run autonomously and comprise 14 hotel and co-working brands and a collection of over 150 cultural and diverse restaurants and nightlife destinations. The portfolio includes 87 operating properties globally, with an additional 141 hotels in committed pipeline agreements across different regions, operating under brands including 21c Museum Hotels, 25hours, Delano, Gleneagles, Hyde, JO&JOE, Mama Shelter, Mondrian, Morgans Originals, SLS, SO/, The Hoxton, TRIBE, and Working From_.
Speaking about the announcement, Pasricha said, “It’s a very exciting day and the start of a new chapter for Ennismore as we become the largest and fastest-growing lifestyle hospitality company. I couldn’t be more excited to bring together our unrivaled portfolio of brands in this new entity, and share the reins with my longtime friend and now co-CEO, Gaurav.”
Bhushan adds, “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.”