As part of its simplification and asset-light strategy, and with the ambition of accelerating its growth in the “lifestyle” hospitality sector, Accor this week announced the signing of binding agreements on a new sbe Group’s ownership structure.
Under the terms of these agreements, Accor is taking full ownership of sbe’s hotel asset light business, including the Delano, Mondrian, SLS and Hyde hotel brands, along with most of sbe’s food and beverage brands like Cleo, Fili’a or Carna by Dario Cecchini.
These brands will be a central focus of Accor’s newly created global lifestyle platform. Sbe currently operates 22 hotels, with more than 40 properties in the pipeline—which has more than doubled since Accor’s initial investment in sbe in 2018. Upcoming openings include Mondrian London and SLS Dubai in 2021.
This announcement comes on the heels of a larger, exclusive negotiation with Ennismore, an owner and developer of hospitality properties. Through this all-share merger, a new autonomous and fully asset-light entity will bring together a portfolio of brands, including The Hoxton, Gleneagles, SO/, Mama Shelter, 25hours, 21c Museum Hotels, Tribe, Jo&Joe and Working From_, along with the aforementioned Delano, SLS, Mondrian and Hyde. The new entity will be headquartered in London and will take the name Ennismore.
Sharan Pasricha, founder and CEO of Ennismore and Gaurav Bhushan, CEO of the Accor Lifestyle division will become co-CEOs of the combined entity. Accor will be the majority shareholder of the new entity, with Sharan Pasricha holding a substantial minority position.
At its inception, the combined entity will comprise 12 brands with 73 hotels in operation with a committed pipeline of more than 110 hotels and approximately another 70 hotels under active discussion, and over 150 restaurant and bars
Under the leadership of Sharan Pasricha and Gaurav Bhushan, each brand will retain its unique culture and purpose, supported by dedicated teams and with the full support of their founders, including the Trigano family, founders of Mama Shelter; Christoph Hoffman, founder of 25 Hours; Sam Nazarian, founder of sbe; Laura Lee Brown and Steve Wilson for 21C, and Melissa and Mark Peters for Tribe.
According to Accor, this new, unified venture will benefit from an in-house global creative studio, a digital and technology team innovating the guest experience, and a team of restaurant and bar specialists crafting concepts rooted in their neighborhoods.