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Accor, the French hotel conglomerate behind brands like Sofitel and Fairmont, has engaged banks to explore a US initial public offering for Ennismore, its lifestyle hospitality platform. The company’s board approved preparatory work in October 2025, with the IPO process expected to take at least 12 months to complete.
If the listing proceeds, Ennismore could land a valuation in the several-billion-dollar range. Accor plans to keep controlling ownership of the platform, meaning this would be a partial float designed to unlock liquidity and fuel future growth rather than a full exit.
What Ennismore actually is
Ennismore is the parent company behind a portfolio of lifestyle hotel and restaurant brands, including The Hoxton and Mama Shelter. Sharan Pasricha founded Ennismore in 2011. A decade later, it merged with Accor’s lifestyle division in a joint venture that combined Ennismore’s design-forward brand identity with Accor’s global distribution muscle.
Ennismore posted net unit growth of 17.6% and achieved an EBITDA of €170 million in 2024. A 2022 transaction offered an early glimpse at what the market thinks Ennismore is worth. Qatari investors acquired a 10.8% stake for €185 million, implying a total valuation north of €2 billion at the time.
Why a US listing matters
Accor is headquartered in Paris and trades on the Euronext exchange. US equity markets offer deeper liquidity pools, higher trading volumes, and generally more generous valuation multiples for growth-oriented companies. By listing Ennismore in New York, Accor is essentially betting it can extract a premium valuation that a European exchange might not deliver.
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