TravelNews

[Travel News]: Accor-Ennismore deal a sign of things to come in hotel sector

TheTourAttraction.com aims to provide the latest global travel and free travel news, travel and visa policies, and flight information. We hope to provide insights into tourism market, technology and development trends with everyone by providing the latest relevant information. Despite the raging COVID-19 epidemic in 2020, we always firmly believe that mankind will overcome the disease and the tourism market will definitely recover. TheTourAttraction.com look forward to your attention and support, and witness the development of the global tourism industry with us. Looking forward to the information TheTourAttraction.com provide can help you. We will continue to follow up and obtain the latest data, and look forward to your attention and support.

The following is the [Travel News]: Accor-Ennismore deal a sign of things to come in hotel sector from [Travel Weekly] recommended by TheTourAttraction.com:

The joint venture between Accor and Ennismore marks a bellwether for post-pandemic deal-making to come, especially given the cost savings such partnerships could generate.

French hospitality giant Accor’s recently announced partnership with Ennismore can be seen as agility in the face of adversity. Or an early example of Covid-inspired mergers-and-acquisition activity. Or an indication of a bullish view of the potential for growth in the boutique and lifestyle sector. Or all three.

In late November, the group forged a joint venture with Ennismore, parent company of the Hoxton boutique hotel chain and Scotland’s Gleneagles resort. Central to the partnership is the launch of a standalone lifestyle hospitality platform that will bring the Hoxton and Gleneagles properties and Hoxton’s Working From coworking offshoot under the same umbrella as Accor’s Delano, SLS, Mondrian, SO/, Hyde, Mama Shelter, 25hours, 21c Museum Hotels, Tribe and Jo&Joe brands.

The division, set to operate under the name Ennismore, will be majority-owned by Accor, with Ennismore founder and CEO Sharan Pasricha holding a “substantial minority position.” Pasricha will serve as co-CEO of the combined entity, alongside Gaurav Bhushan, Accor’s chief development officer.

Lifestyle hotels “will recover faster from the pandemic,” Pasricha predicted. “Accor’s ambitions around creating an autonomous entity focused entirely on lifestyle, the fastest growing segment of the hotel business, aligned with [ours]. We’re well-positioned to complement each other’s strengths.”

Key among Accor’s strengths is its sizable global development team, which Pasricha said will play a key role in fueling the new platform’s expansion. 

Meanwhile, for analysts, the joint venture between Accor and Ennismore marks a bellwether for post-pandemic deal-making to come, especially given the cost savings such partnerships could generate. Accor has estimated that the standalone lifestyle entity will generate “significant cost synergies” of approximately $17.8 million per year.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button