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NEWS
Accor in exclusive negotiations with Ennismore over US$1bn merger
POSTED 04 Dec 2020 . BY Megan Whitby
The newly formed entity will include the five-star luxury hotel and spa resort, Gleneagles, in Scotland, featuring an award-winning Espa spa Credit: Shutterstock/cornfield

“This new powerful combination is set to become the engine of our exciting future growth.
– Sébastien Bazin
Hospitality groups, Accor and Ennismore are entering into exclusive negotiations to form a new lifestyle operator in the hospitality sector, named Ennismore, as part of a US$1bn merger.

Through the all-share merger, the management of all Ennismore hotels will become a part of Accor’s lifestyle brand division and create a combined entity of 12 brands with 73 hotels in operation, plus a pipeline of approximately 110 hotels.

The new operator will include the following brands: Gleneagles, Delano, SLS, Mondrian and Hyde – all of which have distinctive spa and wellness concepts – plus SO/, The Hoxton, Mama Shelter, 25h, 21c Museum Hotels, TRIBE, JO&JOE and Working From_.

Sharan Pasricha, Ennismore founder and CEO, and Gaurav Bhushan, CEO of the Accor Lifestyle Division will become co-CEOs of the combined entity, which will be two-thirds owned by majority shareholder, Accor, and a third owned by Pasricha.

Closing is expected to occur in Q1 2021.

Based on the current network and pipeline the lifestyle platform should achieve an EBITDA (earnings before interest, taxes, depreciation and amortisation) of over €100m (US$121.7m, £89.9m) by midterm.

This will see the two companies benefit from significant cost synergies of approximately €15m (US$18.2m, £13.5m) annually.

Sébastien Bazin, Accor chair and CEO said: “Partnering with Ennismore’s founder Sharan and his great team will take our Lifestyle ambition to a new and exciting level. With this combination, we’re leading the hospitality industry by creating the largest and fastest-growing ecosystem of world-class brands.

“This new powerful combination is set to become the engine of our exciting future growth.”

The planned combination also envisages the formation of a new company which will hold all the leased assets under the combined entity’s brands. The deconsolidation of the existing leases will have a €52m (US$63.3, £46.8m) positive effect on Accor’s consolidated net debt in 2020.

Pasricha commented: “This exciting autonomous entity with Accor - one with culture and brand purpose at its heart - allows us to come together to build on our combined portfolio of unique lifestyle brands, accelerate our growth and explore new markets.”
RELATED STORIES
  Gleneagles schedules educational retreats hosted by leading naturopath and Harley Street nutritionist


Following the official relaunch of the Gleneagles Spa in September, the team behind the Scottish country estate and hotel has announced an exclusive partnership with renowned naturopath, functional medicine specialist and Harley Street nutritionist, Rosemary Ferguson.
MORE NEWS
Connection, creativity and nature inspire Arizona’s upcoming desert wellness sanctuary Align
A new nature-inspired wellness destination called Align is coming to Tucson, spearheaded by brothers and local hospitality entrepreneurs Mark and Eric Erman.
The Well names Zeev Sharon chief development officer and announces plans for Swiss debut
Modern US wellness brand The Well has promoted Zeev Sharon, formerly VP of real estate, to chief development officer.
QC New York to unveil 15,000sq ft multimillion-dollar expansion in July
QC New York, a luxury Italian day spa on Governors Island, will expand its offering this July by adding an extra 15,000sq ft of space. This new area will feature sensory saunas, waterfalls, a salt room, an ice room, a lavender room, a 142-seat bistro and a waterbed relaxation room.
Wellness real estate market booming – forecast to reach $913bn by 2028, reports GWI
The Global Wellness Institute (GWI) has released promising new research on the wellness real estate market at its third-annual Wellness Real Estate & Communities Symposium in Manhattan.
+ More news   

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23-24 May 2024

European Health Prevention Day

Large Hall of the Chamber of Commerce (Erbprinzenpalais), Wiesbaden, Germany
30-30 May 2024

Forum HOTel&SPA

Four Seasons Hotel George V, Paris, France
+ More diary  
 
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Uniting the world of spa & wellness
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News   Products   Magazine   Subscribe
NEWS
Accor in exclusive negotiations with Ennismore over US$1bn merger
POSTED 04 Dec 2020 . BY Megan Whitby
The newly formed entity will include the five-star luxury hotel and spa resort, Gleneagles, in Scotland, featuring an award-winning Espa spa Credit: Shutterstock/cornfield
“This new powerful combination is set to become the engine of our exciting future growth.
– Sébastien Bazin
Hospitality groups, Accor and Ennismore are entering into exclusive negotiations to form a new lifestyle operator in the hospitality sector, named Ennismore, as part of a US$1bn merger.

Through the all-share merger, the management of all Ennismore hotels will become a part of Accor’s lifestyle brand division and create a combined entity of 12 brands with 73 hotels in operation, plus a pipeline of approximately 110 hotels.

The new operator will include the following brands: Gleneagles, Delano, SLS, Mondrian and Hyde – all of which have distinctive spa and wellness concepts – plus SO/, The Hoxton, Mama Shelter, 25h, 21c Museum Hotels, TRIBE, JO&JOE and Working From_.

Sharan Pasricha, Ennismore founder and CEO, and Gaurav Bhushan, CEO of the Accor Lifestyle Division will become co-CEOs of the combined entity, which will be two-thirds owned by majority shareholder, Accor, and a third owned by Pasricha.

Closing is expected to occur in Q1 2021.

Based on the current network and pipeline the lifestyle platform should achieve an EBITDA (earnings before interest, taxes, depreciation and amortisation) of over €100m (US$121.7m, £89.9m) by midterm.

This will see the two companies benefit from significant cost synergies of approximately €15m (US$18.2m, £13.5m) annually.

Sébastien Bazin, Accor chair and CEO said: “Partnering with Ennismore’s founder Sharan and his great team will take our Lifestyle ambition to a new and exciting level. With this combination, we’re leading the hospitality industry by creating the largest and fastest-growing ecosystem of world-class brands.

“This new powerful combination is set to become the engine of our exciting future growth.”

The planned combination also envisages the formation of a new company which will hold all the leased assets under the combined entity’s brands. The deconsolidation of the existing leases will have a €52m (US$63.3, £46.8m) positive effect on Accor’s consolidated net debt in 2020.

Pasricha commented: “This exciting autonomous entity with Accor - one with culture and brand purpose at its heart - allows us to come together to build on our combined portfolio of unique lifestyle brands, accelerate our growth and explore new markets.”
RELATED STORIES
Gleneagles schedules educational retreats hosted by leading naturopath and Harley Street nutritionist


Following the official relaunch of the Gleneagles Spa in September, the team behind the Scottish country estate and hotel has announced an exclusive partnership with renowned naturopath, functional medicine specialist and Harley Street nutritionist, Rosemary Ferguson.
MORE NEWS
Connection, creativity and nature inspire Arizona’s upcoming desert wellness sanctuary Align
A new nature-inspired wellness destination called Align is coming to Tucson, spearheaded by brothers and local hospitality entrepreneurs Mark and Eric Erman.
The Well names Zeev Sharon chief development officer and announces plans for Swiss debut
Modern US wellness brand The Well has promoted Zeev Sharon, formerly VP of real estate, to chief development officer.
QC New York to unveil 15,000sq ft multimillion-dollar expansion in July
QC New York, a luxury Italian day spa on Governors Island, will expand its offering this July by adding an extra 15,000sq ft of space. This new area will feature sensory saunas, waterfalls, a salt room, an ice room, a lavender room, a 142-seat bistro and a waterbed relaxation room.
Wellness real estate market booming – forecast to reach $913bn by 2028, reports GWI
The Global Wellness Institute (GWI) has released promising new research on the wellness real estate market at its third-annual Wellness Real Estate & Communities Symposium in Manhattan.
Banyan Group appoints Paul Hawco to spearhead wellness strategy
Paul Hawco, a seasoned figure in the international wellness industry, has assumed the role of executive director – integrated wellbeing at independent, hospitality group Banyan Group.
Ritz-Carlton Reynolds, Lake Oconee, unveils new-look lakeside destination spa
The Ritz-Carlton Reynolds, Lake Oconee in the southeastern US state of Georgia is celebrating a new milestone after unveiling its newly renovated 27,000sq ft destination spa.
+ More news   
 
FEATURED SUPPLIERS

Triple defence: Elemental Herbology's latest SPF shields against sun damage, blue light and pollution
Your skincare routine just got smarter thanks to Elemental Herbology’s latest product innovation, Smart Screen SPF50. [more...]

The sound of success: three ways music can boost spa revenue according to Myndstream’s Freddie Moross
At Myndstream, we understand the power of music elevates the spa experience. But did you know it can also be a powerful revenue generator? [more...]
+ More featured suppliers  
COMPANY PROFILES
ESPA

Founded in 1992 by Susan Harmsworth, ESPA combines the conceptualisation, development and management [more...]
+ More profiles  
CATALOGUE GALLERY
+ More catalogues  

DIRECTORY
+ More directory  
DIARY

 

23-24 May 2024

European Health Prevention Day

Large Hall of the Chamber of Commerce (Erbprinzenpalais), Wiesbaden, Germany
30-30 May 2024

Forum HOTel&SPA

Four Seasons Hotel George V, Paris, France
+ More diary  
 


ADVERTISE . CONTACT US

Leisure Media
Tel: +44 (0)1462 431385

©Cybertrek 2024

ABOUT LEISURE MEDIA
LEISURE MEDIA MAGAZINES
LEISURE MEDIA HANDBOOKS
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FREE DIGITAL SUBSCRIPTIONS