French hotels group Accor is to sell a 10.8% stake in Ennismore to a Qatari consortium for 185 million euros ($195 million), the French hotels group said.
Accor said the deal valued Ennismore, known for Hoxton hotels in London and New York and Mama Shelter rooftop bars in Paris, at more than 2 billion euros, showing a growing interest in high-end lifestyle brands even as the cost of living soars.
Accor also said it was merging its stakes in hotel brand Rixos and upscale restaurant operator Paris Society into Ennismore, which the group jointly founded with Sharan Pasricha in October 2021.
The fast-growing business has been opening a new hotel every two weeks, and will now count 130 hotels in nearly 40 countries.
The deal is expected to close in the second half of the year, leaving Accor with a 62.2% stake in Ennismore.
Source: Reuters.com