financeSkift··1 min·For: Owner, GM, Revenue, Investor
Accor Sells $1.1 Billion Essendi Stake to Blackstone
Accor has agreed to sell its remaining stake in Essendi to a Blackstone-led group for approximately $1.1 billion, marking the completion of its shift to an asset-light business model.
Key Takeaways
- 1Monetize non-core assets by selling a 31% stake in Essendi to Blackstone and Colony Investment Management for $1.1 billion.
- 2Transition to a pure asset-light model by converting Essendi hotels to 20-year franchise agreements.
- 3Prepare for the potential Ennismore IPO by streamlining the balance sheet and focusing on high-margin management and franchise fees.
Source: Skift
Keep reading
Our reporting
More in finance