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Accor will merge its lifestyle brands with London-based group Ennismore, owner of the Hoxton hotel chain.
The new entity, which will operate under the Ennismore name, will be two-thirds owned by Accor and one-third owned by Ennismore founder Sharan Pasricha.
The new group was developed following a cash-free merger.
It will operate ten Accor lifestyle brands, including Mondrian, Delano and SLS.
Accor itself acquired full ownership of these brands earlier this month when it took complete control of sbe.
The merged entity will focus heavily on driving food and beverage, as well as entertainment.
It will be led by Pasricha and Accor chief development officer, Gaurav Bhushan.
The group will launch with 73 hotels and 110 development sites, as well as over 150 restaurants and an enterprise value of a reported $1 billion.
Accor has reportedly spent around $500 million over the past few years acquiring ownership of its lifestyle brands, initially via stakes in Mama Shelter and 25hours.
Source: breakingtravelnews.com
