PARIS (Agefi-Dow Jones)–The Accor hotel group announced on Tuesday that it had entered into exclusive discussions with a group of Qatari investors with a view to selling a minority stake in its Ennismore “lifestyle” hotel network.
“Accor announces today that it is entering into exclusive negotiations to sell a 10.8% stake in Ennismore to a Qatari consortium for a total amount of 185 million euros,” the group said in a press release.
This transaction values Ennismore at more than 2 billion euros and “demonstrates the enthusiasm and attractiveness of this rapidly growing segment, where the RevPAR [revenu par chambre disponible, ndlr] already greatly exceeds the figures for 2019”, added the French group.
Ennismore is a hotel joint venture between Accor Groups and entrepreneur Sharan Pasricha. It manages around a hundred hotels around the world and signed more than 60 new projects in 2021.
Completion of the transaction is expected in the second half of 2022. Accor said it would retain 62.2% of the company following the transaction.
-Francois Schott, Agefi-Dow Jones; 01 41 27 47 92; [email protected] ed: LBO
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June 21, 2022 12:35 ET (16:35 GMT)