The
company has over 180 hotels worldwide under 16 lifestyle brands and could be
the highest-profile hospitality IPO in years.
ISSY-LES-MOULINEAUX,
France — Accor is considering an initial public offering in the U.S. for its
lifestyle hotel vertical Ennismore, according to multiple reports.
Ennismore
operates over 180 hotels under 16 lifestyle brands, including The Hoxton,
Mondrian, 25hours Hotels, Hyde and Morgans Originals. The company was founded
in 2011 by British entrepreneur Sharan Pasricha, and Accor formed a joint
venture with the company in 2021 to run the hotels under its expansive list of
brands. In 2022, Accor sold a stake to a consortium in Qatar that valued the
company at more than €2.3 billion.
A report in
Bloomberg said Accor has been speaking with advisers about the potential
listing and would seek to value the company at several billion dollars.
Ennismore
has a rapidly expanding portfolio in the Americas of 70 properties and a
pipeline of signings in Mexico, Jamaica and Nashville, Tennessee. The company
reached an agreement to open a second location in Chicago with a 47-story,
240-key Hoxton.
The
Bloomberg story noted that deliberations are at an early stage and there’s no
certainty they will lead to a transaction.
Travel
Weekly’s Christina Jelski interviewed Phil Zrihen, head of Americas for
Ennismore, in June and discussed the company’s growth in the Americas,
especially what’s fueling growth in Mexico and the Caribbean.
“Fundamentally,
those markets — and Mexico specifically — are evolving. There’s a bit of a
shift in the perception of what Mexico used to be and what it’s becoming,” he
said. “There’s a saturation of certain brands from our competitors that are
already in the market. So we have a lot of owners who have effectively gotten
to a certain point in their relationships with those managers, saying, ‘Now I
need a new offering.’ That helps, because we’re kind of the new game in town as
it pertains to lifestyle and all-inclusive.”