The owner of Gleneagles and the Hoxton hotel chain is to merge its operations with Accor’s lifestyle division in a £1bn-plus deal.
Under the deal the management of Ennismore’s hotels will join Accor’s 10 lifestyle brands including Mondrian, as well as Ennismore’s shared workspace company Working From_.
The joint venture, which will use the Ennismore name and be based in London, will be two thirds-owned by Accor and a third-owned by Sharan Pasricha, the British group’s Indian-born founder and chief executive.
The parties said that they were entering exclusive negotiations over a venture that initially would comprise 12 brands with 73 hotels, with a committed pipeline of 110 hotels and active discussions over another 70. It is expected to generate £100m within three to four years.
