Accor Agrees to Sell Hotel Stake to Blackstone Consortium
Accor SA has signed a memorandum of understanding to sell its stake in Essendi to a consortium including Blackstone Inc. for up to €975 million ($1.1 billion).
Under the agreement, Blackstone and Colony Investment Management will buy Accor’s 30.56% stake in Essendi, formerly known as AccorInvest, according to a statement Wednesday. As part of the deal, Accor could receive up to €975 million — €675 million of which will be received when the transaction closes, as well as an earn-out of up to €300 million. As part of the deal, Essendi’s portfolio will gradually be converted into franchise contracts.
The transaction will close in the third quarter of 2026, the company added. It is subject to the finalization of the shareholders’ agreement between Blackstone and other Essendi shareholders.
Essendi was created in 2017, when Accor spun off its property arm into a separate vehicle. The hotel group then sold a 55% stake in the business to a consortium of investors including Amundi SA and GIC Pte in 2018.
By Natasha Voase