Accor SA (ENXTPA:AC) and Sharan Pasricha acquired Ennismore Holdings Limited.
October 03, 2021
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Accor SA (ENXTPA:AC) and Sharan Pasricha acquired Ennismore Holdings Limited on October 1, 2021. Under the terms, Accor SA (ENXTPA:AC) acquired 66.67% stake and Sharan Pasricha has acquired 33.33% stake in Ennismore Holdings Limited. Sharan Pasricha, Founder & Co-CEO Gaurav Bhushan, Co-CEO, will lead the asset light entity which will run autonomously. Jeff Horwitz, Yuval Tal, Tony Downes, Vikki McKay, Steven Davis, Jade-Alexandra Fearns, Stuart Rosow, Robert Gaut, Richard Miller, Michael Lebowich, Nicola Bartholomew, Steven Weinstein, Ryan Blaney and Peter Sherwin of Proskauer Rose (Uk) LLP acted as legal advisors to Accor SA. Mazars Group (financial and fiscal due diligence) with Accor as part of the joint venture concluded with Ennismore: (i) sell-side due diligence on the Accor scope and (ii) buy-side due diligence on the Ennismore scope. Financial due diligence: Firas Abou Merhi, Sebastien Voisin, Paul Leveque, Sophie Bruna, Pierre-Marie Lagnaud (USA). Tax due diligence: Elena Aubree, Jenna Scaglia.
Accor SA (ENXTPA:AC) and Sharan Pasricha completed the acquisition of Ennismore Holdings Limited on October 1, 2021. Alan Montgomery, Gavin Williams, Isaac Zailer, Jeremy Walden, Nick Pantlin, Miriam Everett, Andrew Moir, Susan Black, Will Nevin, Paul Ellerman, Peter Rowland, James Robinson, Emma Rohsler, David Lacaze, Alexandra Neri, Laurence Vincent, Isabelle Augais, Ruediger Hoffmann, Moritz Kunz, Anja Lingscheid, Evgeny Yuriev, and Damien Hazard of Herbert Smith Freehills acted as legal advisors for Ennismore. In 2021, the change is mainly explained by the recognition of the 33.33% minority interests on Ennismore Holdings Ltd for €195 million.
Accor is the No. 1 European hotel group. Net sales break down by activity as follows:
- operating hotels under management contract (74.7%; HotelServices);
- owned and leased hotel management (25.3%). In addition, the group offers a business of renting luxury private residences, as well as providing digital services to independent hoteliers, concierge services, etc.
At the end of 2023, the group operates a network of 5,584 hotels (821,518 rooms) distributed primerly between luxury and top-range hotels (978 hotels; Raffles, Fairmont, Sofitel, Pullman, MGallery, Swissotel, Grand Mercure, Mövenpick, The Sebel and Rixos names), mid-range hotels (1,732; Novotel, Novotel Suites, Mercure, adagio, Mama Shlter and Tribe), and economy hotels (2,826; ibis, ibis Styles, ibis budget, adagio access, hotelF1, Formule 1, Jo&Joe, Breakfree and Greet).
ACCOR 
