The logo of the French hotel operator Accor Hotels appears on February 17, 2021 at the top of its headquarters in Issy-les-Murlinault, near Paris, France. REUTERS / Gonzalo Fuentes / File Photo
Paris: French hotel group Accor has announced that it will sell a 10.8% stake in Ennismore to a consortium in Qatar for € 185 million ($ 195 million).
Accor said Ennismore, known for its Hoxton hotels in London and New York, valued more than € 2 billion, demonstrating growing interest in high-end lifestyle brands.
Accor also said it would consolidate its stake in hotel brand Rixos and luxury restaurant operator Paris Society into Ennismore, which was co-founded with Sharan Pasricha in October 2021.
The fast-growing business opens new hotels every two weeks and currently counts 130 hotels in nearly 40 countries.
The deal is expected to close in the second half of this year, with Accor holding a 62.2% stake in Ennismore.