Accor’s Ennismore IPO: Would It Get a Cool-Hotel Valuation Bump?

Accor is betting that investors will pay a premium price for trendy hotels with names like The Hoxton and Mama Shelter. Whether the French hotel giant can pull off that valuation magic for its Ennismore joint venture depends on convincing investors that lifestyle brands deserve a higher valuation than traditional hotels.

Accor revealed last Thursday that it might spin out Ennismore, the joint venture that houses its coolest properties. CFO Martine Gerow cautioned that IPO preparations would take at least a year and an IPO might not happen.

Yet analysts have already begun to estimate Ennismore's potential valuation as an asset-light, luxury and lifestyle hotel and restaurant group.

Ennismore declined to comment on the speculation, and Accor said it would not comment further.

Ennismore's 192 hotels and 500-plus restaurants and bars span 16 brands. The unit contri