Accor Sells $1.1B to Blackstone for Ennismore IPO

Paris, France — August 14, 2023

Accor to sell 31% stake in Essendi to Blackstone and Colony Investment Management for up to €975 million

Accor sells stake in Essendi hotels

According to Accor, the company will sell its roughly 31% stake in Essendi, an owner and operator of many of its hotels, to Blackstone and Colony Investment Management for up to €975 million (about $1.1 billion). As part of the deal, Essendi’s hotels will gradually convert to Accor franchise agreements. This marks the likely final chapter in Accor’s years-long retreat from owning hotel buildings, allowing the company to lock in 20 years of fee income from these hotels.

Reference:Source.