Accor said Thursday that it would decide by the end of September whether to go through with an IPO for Ennismore, its lifestyle joint venture.
Chairman and CEO Sébastien Bazin said the company wouldn't let its ownership stake fall below 51%, as my colleague Luke Martin reported.
Accor holds 62% of Ennismore today. If its stake shrunk below 51%, that would reduce its own reported earnings in what is the group's fastest-growing EBITDA engine.
Bazin's team gained time to think about Ennismore after July 23, when Accor signed a deal to sell its roughly 31% stake in Essendi, a portfolio of hotel real estate. That transaction had consumed months of the time.
Accor guided to full-year RevPAR growth of 2% to 2.5%, contingent on the U.S.-Iran war not ruining UAE property performance in the remainder of the year.
That full-year, global forecast was notably weaker growth than rivals Hilton and Hyatt reported this week.
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Accor Sets Q3 Deadline to Decide on Ennismore’s IPO, Says Stake Won’t Drop Below 51%
July 30, 2026
Accor has set a decision deadline and a floor. But the numbers heading into a potential listing are moving in the wrong direction. War in the Middle East is weighing on results and complicates the timing.
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