September 28, 2022

Accor finalises lifestyle joint venture with Ennismore

” Its a very amazing day and the start of a new chapter for Ennismore as we end up being the biggest and fastest growing lifestyle hospitality company,” Pasricha stated.

People Perth.

In all, the portfolio is made up of 87 operating residential or commercial properties and 141 in the pipeline, consisting of the first 25hours Hotels residential or commercial property in Sydney due to open in late 2022 and Mondrian Gold Coast, opening in 2023.

” This joint endeavor has been months in the making and I couldnt be happier to join Ennismore as Co-CEO, together with Sharan. Our teams are all set and excited to develop on each of our unique way of life brands, with a dynamic global pipeline, producing an environment of memorable and curated experiences throughout all our properties.”

Ennismores portfolio will be led by Founder and Co-CEO, Sharan Pasricha, who will be backed up by long-time Accor executive, Gaurav Bhushan, as fellow Co-CEO. Pasricha said the conclusion of the tie-up with Accor was an interesting day.

Mondrian Gold Coast is on track to open in 2023.

Under the joint venture, at first announced last year, Accor will be the majority shareholder, with Pasricha holding a minority stake. Each Ennismore brand will keep its own operating independence in addition to brand efficiency, culture and identity requirements. Behind the scenes support will originate from internal designers working on interiors across the portfolio along with professionals in technology, bars and dining establishments to ensure a premium guest experience.

Bhushan said the joint endeavor had actually been a long period of time in the making and he was excited at the potential the cooperation would yield.

Under the joint venture, initially announced last year, Accor will be the majority shareholder, with Pasricha holding a minority stake. Each Ennismore brand name will retain its own operating self-reliance along with brand culture, identity and efficiency criteria.

Several of the hotel brand names which have actually moved to the brand-new Ennismore entity were only recently presumed by Accor following its full acquisition of the sbe Entertainment hotel brands under its asset-light technique that included brand names such as Delano, Mondrian, SLS and the Hyde dining establishment label.

” I could not be more ecstatic to combine our unique portfolio of brand names in this new entity and share the reins with my long-time pal and now co-CEO, Gaurav.”

Fourteen lifestyle hotel brand names are now part of the Ennismore hotel portfolio, with the companys lifestyle joint endeavor and all-share merger now complete and in result.

Related

The move brings lifestyle brands in the co-working, dining establishment and hotel sectors under the Ennismore roofing, including 21C Museum Hotels, 25hours, Delano, Gleneagles, Hyde, Jo&& Joe, Mama Shelter, Mondrian, Morgans Originals, SLS, SO/, The Hoxton, TRIBE and Working From _.

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