What’s Next for Accor if Ennismore IPOs and Orient Express Is Sold?

Accor has had at least 3 big re-orgs in a decade. Now it's fine-tuning strategy. Selling stakes in Ennismore and Orient Express could free up resources to more effectively battle the Marriotts of the world.

Accor may be in the midst of a strategic shakeup, again: The latest sign is that it is considering an IPO in the U.S. for its joint venture Ennismore, which is currently looking at bankers, Skift has learned from a source familiar with the plans.

The review comes after Skift reported last month that LVMH secured an option to acquire full ownership of Accor's Orient Express brand by 2027 as part of a partnership announced last year.

An Ennismore IPO, if it materializes, will take time. After that comes the harder question: What exactly is the rest of Accor worth? And what should its new strategy be?

An Accor spokesperson said, "We do not comment on market rumors." Ennismore declined to comment.

Ennismore — a set of lifestyle hospitality brands — has been a growth engine for Accor since the companies formed a joint venture in 2021. As part of that deal, Accor bought two-thirds while Ennismore founder Sharan Pasricha kept a third.

In 2022, Accor sold a 10.8% stake in Ennismore to a Qatari consortium for €200 million (around $233 million), valuing the business at around €2 billion.

Accor doesn't break out financials for Ennismore. But in the first half of this year, Accor's lifestyle RevPAR rose 9.6% year-ove