Accor’s $1.1 Billion Sale of Hotel Stake to Blackstone-Led Group Clears Way for Ennismore IPO
Photo Credit: Exterior view of a Novotel at nighttime. Essendi
Skift Take
Accor loses ownership stake in these hotels but keeps its name on the buildings and continues to collect fees. This is the shift toward an asset-light, franchise-heavy model CEO Sébastien Bazin has long sought.
Accor said Wednesday it would sell its roughly 31% stake in Essendi, an owner and operator of many of its hotels, to Blackstone and Colony Investment Management for up to €975 million (about $1.1 billion).
As part of the deal, Essendi's hotels will gradually convert to Accor franchise agreements.
The deal is the likely final chapter in the French hotel giant's years-long retreat from owning hotel buildings.
Going truly "asset light" is the real prize, not the cash. Accor will lock in 20 years of fee income from these
