25-25 Feb 2021
Online: Zoom,
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28 Feb - 02 Mar 2021
Online,
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08-28 Apr 2021
Jeddah Center for Forums and Events,
Jeddah,
Saudi Arabia
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18-19 Apr 2021
ExCeL,
London,
United Kingdom
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10-14 May 2021
Virtual Conference,
United States
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11-12 May 2021
The Pine Cliffs Resort,
Albufeira,
Portugal
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| Accor in exclusive negotiations with Ennismore over US$1bn merger |
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| By Megan Whitby 04 Dec 2020 |
The newly formed entity will include the five-star luxury hotel and spa resort, Gleneagles, in Scotland, featuring an award-winning Espa spa
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Hospitality groups, Accor and Ennismore are entering into exclusive negotiations to form a new lifestyle operator in the hospitality sector, named Ennismore, as part of a US$1bn merger.
Through the all-share merger, the management of all Ennismore hotels will become a part of Accor’s lifestyle brand division and create a combined entity of 12 brands with 73 hotels in operation, plus a pipeline of approximately 110 hotels.
The new operator will include the following brands: Gleneagles, Delano, SLS, Mondrian and Hyde – all of which have distinctive spa and wellness concepts – plus SO/, The Hoxton, Mama Shelter, 25h, 21c Museum Hotels, TRIBE, JO&JOE and Working From_.
Sharan Pasricha, Ennismore founder and CEO, and Gaurav Bhushan, CEO of the Accor Lifestyle Division will become co-CEOs of the combined entity, which will be two-thirds owned by majority shareholder, Accor, and a third owned by Pasricha.
Closing is expected to occur in Q1 2021.
Based on the current network and pipeline the lifestyle platform should achieve an EBITDA (earnings before interest, taxes, depreciation and amortisation) of over €100m (US$121.7m, £89.9m) by midterm.
This will see the two companies benefit from significant cost synergies of approximately €15m (US$18.2m, £13.5m) annually.
Sébastien Bazin, Accor chair and CEO said: “Partnering with Ennismore’s founder Sharan and his great team will take our Lifestyle ambition to a new and exciting level. With this combination, we’re leading the hospitality industry by creating the largest and fastest-growing ecosystem of world-class brands.
“This new powerful combination is set to become the engine of our exciting future growth.”
The planned combination also envisages the formation of a new company which will hold all the leased assets under the combined entity’s brands. The deconsolidation of the existing leases will have a €52m (US$63.3, £46.8m) positive effect on Accor’s consolidated net debt in 2020.
Pasricha commented: “This exciting autonomous entity with Accor - one with culture and brand purpose at its heart - allows us to come together to build on our combined portfolio of unique lifestyle brands, accelerate our growth and explore new markets.”
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| News |
| 1 to 12 of 7713 news stories |
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24 Feb 2021
The iconic Beverly Hills Hotel Spa in Los Angeles has reopened its doors after seven months of extensive refurbishment and redesign. Christopher Cowdray, CEO of the Dorchester Collection – luxury operating company of the Beverly ... More
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23 Feb 2021
US-based skincare company Heyday has announced a US$20m (£14.2m €16.5m) Series B round of funding led by Level 5 Capital Partners (L5), with participation from existing investors Lerer Hippeau and Fifth Wall Ventures. Heyday has ... More
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22 Feb 2021
UK Prime Minister Boris Johnson has announced non-essential retail, including spas, salons, close-contact services and gyms, could reopen by 12 April 2021, at the very earliest. Johnson revealed the news today as part of step ... More
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22 Feb 2021
A collection of industry organisations, including The British Beauty Council, are working closely with the UK Government to present proposals for a package of industry-saving measures. These include a VAT cut for reopened salon and ... More
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22 Feb 2021
Luxury Hawaiian wellness enclave, Sensei Lāna‘i, A Four Seasons Resort has launched an Optimal Wellbeing Programme in partnership with WHOOP, the human performance and wearable tech company. Located at the island resort on Lāna‘i, the ... More
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18 Feb 2021
Aman is planning to debut its sister hotel brand Janu in the heart of Tokyo in an urban redevelopment project, called Toranomon-Azabudai development. Janu was unveiled in 2020 with a fresh philosophy based on social ... More
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19 Feb 2021
As evidence grows around nature’s wellbeing and health benefits, the team behind the UK’s Lost Gardens of Heligan has created an initiative to demonstrate how its guests can harness nature to boost wellbeing. Heligan has ... More
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18 Feb 2021
Barefoot luxury hotel group Soneva has upgraded its secluded Maldivian island retreat, Soneva Jani. Developed by Eva and Sonu Shivdasani, Soneva’s philosophy is SLOW LIFE – sustainable, local, organic, wellness, learning, inspiring, fun experiences. The ... More
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17 Feb 2021
Spa education centre Chiva-Som International Academy in Bangkok has upgraded its online course offering for spa and wellness students worldwide. Chiva-Som started offering digital courses in 2020 as an alternative training and education resource during ... More
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17 Feb 2021
The Global Wellness Summit (GWS) has announced the appointment of Nicola Finley, MD, to its advisory board. Finley works for US destination spa Canyon Ranch in Tucson and is a board-certified internal medicine physician who ... More
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17 Feb 2021
Hotel operator The Lux Collective has opened the doors to Lux* Chongzuo, Guangxi Resort & Villas, in Daxin county, southern China. Surrounded by lush tropical forests with panoramic views of the Karst mountain formation, the ... More
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16 Feb 2021
Arne Sorenson, Marriott International president and CEO, unexpectedly passed away, aged 62, on 15 February 2021. In May 2019, the company announced Sorenson had been diagnosed with pancreatic cancer. On 2 February 2021, Marriott shared ... More
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