Accor Weighs U.S. IPO for Lifestyle Hotel Brand Ennismore

Accor is mulling a U.S. IPO for Ennismore, its fast-growing boutique hotel joint venture, in a move that could value the business in the billions.

The French hospitality heavyweight has been in early talks with advisers about the potential listing, Bloomberg reported, citing unnamed sources. No final decision has been made and Accor declined to comment.

Ennismore, launched in 2011 by British entrepreneur Sharan Pasricha, merged with Accor’s own lifestyle hotel portfolio in 2021. Today, the joint venture includes more than 180 properties across boutique brands such as The Hoxton, Mondrian, 25hours Hotels, Hyde and Morgans Originals.

In the spring, Ennismore reached an agreement to open a second Chicago location for the Hoxton brand as part of a planned 47-story tower at 193 North Columbus Drive. The location is expected to include about 240 rooms.

A 182-key Hoxton hotel opened in the Fulton Market District in 2019. That location, developed by Shapack Partners, became a nightlife hub with two restaurants, a cocktail bar, coworking space and rooftop patio.

Accor sold a stake in Ennismore to a Qatari consortium in 2022, valuing the company at more than $2.3 billion at the time. A U.S. listing could push that valuation higher, tapping into public market appetite for asset-light, brand-focused hospitality plays.

Accor is already a public company. In the first half of the year, RevPAR across its portfolio increased 4.6 percent, revenue jumped by 5.1 percent and recurring EBITDA increased by 9.4 percent to roughly $598 million, according to CoStar.

Over that period, Accor opened 117 hotels and added approximately 15,000 rooms, a net unit rise of 1.9 percent year over year. Accor’s portfolio spans 5,740 hotels and 854,695 rooms, not including a pipeline of 1,432 hotels and roughly 241,000 rooms.

If Accor does go through with the Ennismore IPO, it would mark one of the most high-profile hospitality listings since Hilton Grand Vacations went public in 2017.

— Holden Walter-Warner