Accor’s 525-Page Filing Reveals Ennismore Is Driving Growth

Key Points

• Ennismore drove significant growth for Accor in 2025, accounting for 17% of the group's EBITDA and managing 36% of its luxury and lifestyle rooms.
• Accor maintains a 62% stake in Ennismore and is considering but has not confirmed an IPO, while focusing on selling its stake in Essendi.
• Ennismore increased its credit draw last year and continues to expand aggressively, with its lifestyle hotel model and restaurant operations under scrutiny as it scales.

Summary

Ennismore, a lifestyle hospitality joint venture, was a major driver of Accor's profitability in 2025, contributing 17% of the company's EBITDA and managing over a third of its luxury and lifestyle rooms. Accor continues to hold a majority stake in Ennismore and has discussed the potential for an IPO, though no decision has been disclosed. Ennismore is expanding rapidly, both in room count and credit usage, while its scalable restaurant model and the broader lifestyle hotel segment are seen as key growth areas for Accor.