Earlier this month, Bloomberg reported that Accor had lined up Goldman Sachs, BNP Paribas, JPMorgan and Société Générale to work on a possible US listing of Ennismore. The reported preparations for a potential US initial public offering of Ennismore would put the lifestyle hospitality company’s hotels, restaurants and growth pipeline under closer investor scrutiny. However, another part of the business that will also be getting attention is branded residences.
Ennismore said in January that it had more than 190 hotels open, more than 145 in the pipeline and more than 500 restaurants and bars. It also disclosed a portfolio of more than 50 branded residences, as of the end of September 2025. While that makes residences a relatively small component of Ennismore’s overall network by property count, it’s potentially a strategically important one.
Ennismore’s story is a prime example of branded residences moving beyond the traditional ultra-luxury hotel brands most readily associated with the sector such as Ritz-Carlton and Four Seasons. However, Ennismore is applying the model across lifestyle brands that have been better known for design-led hotels, restaurants, nightlife and social experiences.
Go tell it on the mountains
Accor has been very vocal about the investment case for branded residences. Speaking at the Brand x Residential conference in June, Accor One Living chief business officer Jeff Tisdall — who heads the mixed-use platform supporting branded residences across flags like Fairmont, Raffles, SLS and Orient Express — said Accor is responsible for roughly 10 percent of the global supply.
Separately, he highlighted to Hospitality Investor the company’s increasing interest in “standalone residences” without a co-located hotel, where residences sit alongside projects such as private clubs, destination restaurants, wellness concepts or other lifestyle offerings.
For Ennismore, the attraction of branded residences is enhanced by the breadth of its lifestyle portfolio. Its residential projects can draw on brands including SLS, Mondrian, Hyde, Delano, Rixos, SO/ and 25hours.
And the company is capitalising on that variety in a bid to evolve with changing buyer expectations.
“People aren’t buying square metres anymore; they are buying how they want to live”, said Louis Abboud, Ennismore’s chief growth officer, noting that buyers want their homes to resemble their favourite hotels, contain the social dimension of a members’ club and offer a cultural or emotional identity.
“Buyers are looking for identity, community and experiences that fit seamlessly into everyday life,” he added.
It’s also no secret that branded residential schemes can help developers generate capital, and for the brand company, the model can create development, licensing and operating fees without requiring it to fund the underlying real estate. Public market investors will want to understand how the company’s residential platform translates into recurring fees, supports hotel signings and increases the attractiveness of Ennismore’s brands to real estate partners.
Evidence of buyer demand
In 2023, Accor said Ennismore had 11 branded residences open and 26 under development. At that time, it highlighted Dubai as one of the platform’s strongest residential markets.
The company said all 113 homes at SLS Residences The Palm Dubai were reserved within 30 days of their release. It also reported that only a small number of the 204 homes at Mama Shelter Residences Dubai remained available following the project’s announcement.
While Dubai is one of the strongest branded residential markets and it’s not a given that every brand or market will perform equally strongly, it’s clear that there is value in attaching an Ennismore flag to a residential project. They also show the potential for lifestyle brands to occupy a space beyond conventional ultra-luxury. Mama Shelter, SLS and Mondrian do not carry identical price points or customer propositions, giving Ennismore scope to match different brands with different developments and buyer profiles, particularly as the industry starts to recognise and act on the wider opportunity outside of ultra-luxury.
The latest pipeline suggests that the company is continuing to test that flexibility, identifying projects including SLS Madrid Infantas Residences and Mondrian Gold Coast. Separately, in May, Ennismore announced Delano Hotel & Residences Marrakech, comprising a 130-key hotel and around 80 villa-style branded residences. Residential sales for the Marrakech project are expected to launch in late 2026, ahead of the hotel’s planned opening in 2030. The scheme demonstrates how residences can be embedded into Ennismore’s wider ecosystem, with the development to include food and beverage concepts operated by Paris Society as well as wellness, events and retail, allowing the company to sell access to several parts of its hospitality platform.
While the residential opportunity is clear, its exact contribution to Ennismore’s financial performance is not, as Accor does not currently disclose branded residence revenue or earnings separately for Ennismore in its public reporting. That makes it difficult to determine how much value is generated directly by residential licensing and management fees or indirectly by residences helping to secure hotel and mixed-use agreements.
But what is visible is that Ennismore generated recurring EBITDA of €205 million on a contributive basis in Accor’s accounts in 2025, alongside network growth of 18 per cent. That compares with the enterprise value of more than €2 billion implied when Accor agreed to sell a 10.8 per cent interest in Ennismore to a consortium of investors in 2022. Bloomberg estimates that Accor could seek a valuation of EUR3.2 billion for Ennismore, based on its 2025 earnings. Specifically for the branded resi business, key questions will include the level and durability of residential fee income, the cost of supporting projects across their development and operating lives, exposure to property-market cycles and whether lifestyle brands can sustain residential premiums as the sector becomes more competitive.
Nevertheless, branded residences give Ennismore a potentially valuable way to monetise its brands beyond hotel rooms and restaurant covers. Its IPO narrative may be built around lifestyle hospitality, international growth and an asset-light model but its expanding residential network shows value in Ennismore’s brands and their identities.