French hotel firm Accor has announced it will sell 10.8% of its lifestyle hotel division Ennismore.
The minority stake in the division is valued at approximately 200 million euros ($211 million), which gives the entire division a value of approximately 2 billion euros.
Sharan Pasricha, founder and co-CEO of Ennismore, said in an interview with Hotel News Now that the division has 14 brands, 100 hotels in operation and approximately 200 assets in the pipeline.
A group of investors backed by financing from Qatar First Bank have entered exclusive negotiations to buy the stake in Ennismore.
Jean-Jacques Morin, Accor’s chief financial officer and deputy CEO, told HNN that lifestyle hotels have continued to perform above the overall market as the sector emerges from the COVID-19 pandemic.
Morin said the deal helps simplify the Accor and Ennismore stories of a global hotel and lifestyle business that has become asset-light in the past decade.
“There has been a lot of interest in Ennismore…