French hospitality giant Accor Group is evaluating the possibility of an initial public offering for the Ennismore lifestyle hotel and restaurant business.
Accor's board "unanimously approved the start of preparatory work to evaluate a possible stock market listing for Ennismore," the company said in a statement.
Ennismore is a joint venture created in 2021 between Accor and the predecessor Ennismore luxury hotel operator. Accor is Ennismore's controlling shareholder and would remain so in the event of an IPO, the company said.
"As a key asset for the group, we intend, if this transaction occurs, to retain control while providing it with even more resources to accelerate its development," Accor chairman and CEO Sébastien Bazin said in a statement.
Accor CFO Martine Gerow on a Thursday conference call with analysts suggested that evaluating and preparing for a potential Ennismore IPO would take at least 12 months.
Ennismore has 192 hotels across 16 brands, including 25hours, Mama Shelter, Mondrian, Delano, SLS and The Hoxton.
Source: Business Travel News