Accor: closes joint venture with Ennismore
(CercleFinance.com) - Accor announced on Monday that it had closed the creation of its joint venture with the creative hotel group Ennismore, the owner of the Mama Shelter brand, amongst others, in which it is now the majority shareholder.
Under the terms of an all-share merger, Accor now controls 66.7% of the company's capital, with the remaining 33.3% held by Sharan Pasricha, its founder.
Accor deconsolidates formerly leased assets into a separate structure created with a fund managed by Keys REIM as majority owner with 51% shareholding.
Meanwhile, Accor and Ennismore subsidiaries will each hold 24.5% of the new entity.
In a press release, Accor said it wanted to combine Ennismore's expertise in brand conception, design and "ultra-creative" storytelling with the strength of its network and distribution capabilities.
For the record, Ennismore has 14 hotel and co-working brands, as well as over 150 restaurants and nightlife venues.
Its portfolio currently includes 87 properties and 146 firm plans to open worldwide under fast-growing brands, such as Mondrian and Tribe.
Copyright (c) 2021 CercleFinance.com. All rights reserved.
Under the terms of an all-share merger, Accor now controls 66.7% of the company's capital, with the remaining 33.3% held by Sharan Pasricha, its founder.
Accor deconsolidates formerly leased assets into a separate structure created with a fund managed by Keys REIM as majority owner with 51% shareholding.
Meanwhile, Accor and Ennismore subsidiaries will each hold 24.5% of the new entity.
In a press release, Accor said it wanted to combine Ennismore's expertise in brand conception, design and "ultra-creative" storytelling with the strength of its network and distribution capabilities.
For the record, Ennismore has 14 hotel and co-working brands, as well as over 150 restaurants and nightlife venues.
Its portfolio currently includes 87 properties and 146 firm plans to open worldwide under fast-growing brands, such as Mondrian and Tribe.
Copyright (c) 2021 CercleFinance.com. All rights reserved.