Accor Hires Banks for Ennismore's U.S. IPO
Sébastien Bazin left four or five doors open for Ennismore in June. According to Skift, he has now hired investment banks for the lifestyle division's IPO in the United States. No big surprise: Bazin has been sorting the wheat from the chaff in Accor's portfolio, and Ennismore, with brands like The Hoxton, Mama Shelter or Gleneagles, is the sexiest asset.
Why the U.S. and not Europe? Because that's where the real appetite for lifestyle hotels and high valuations lives. Accor making a move now, amid interest rate uncertainty, looks like smart timing: if the deal goes through, Ennismore gets its own cash to grow and Accor reduces debt. If it doesn't, at least the message is clear: the group's future is about brands with a soul, not megahotel commodities.
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