Accor is to sell part of its stake in a luxury hotel joint venture with the Hoxton chain to a Qatari consortium, valuing the company at more than €2bn (£1.7bn).
Europe’s largest hotel company launched the joint venture, which operates under the name Ennismore, in October through a merger of a quarter of its brands and the Hoxton hotels. The company has doubled the number of hotels it operates since the launch to more than 130 sites and also runs 275 bars and restaurants.
As part of the deal, Accor will sell a 10.8% stake in Ennismore to a group of Qatari investors for €185m, with backing from Qatar First Bank, but will retain a majority shareholding. Sharan Pasricha, co-chief executive of Ennismore, will retain just under 30% of the company.
Ennismore, which operates hotels in 40 countries, plans to open around 100 extra sites as part of a rapid roll-out. Last year it confirmed plans for 60 new projects.
The deal is expected to be completed by the close of the year.
