Accor and Blackstone have a greed a deal for the sale of Accor's 30.56 per cent stake in Essendi (formerly AccorInvest) for a consideration of up to €975 million.
The disposal, to a consortium comprised of Blackstone and Colony IM, is for an initial consideration of €675 million to be received upon closing of the transaction and an earn-out of up to €300 million.
The deal will see the gradual conversion of Essendi's hotel portfolio into franchise contracts, in line its current strategy. All hotels in the portfolio will remain under Accor brands and the new franchise agreements would have an extended duration of 20 years.
The transaction is expected to close in the third quarter of 2026, subject to the finalisation of the shareholders' agreement between Blackstone and the other Essendi shareholders and to the usual regulatory and antitrust approvals.
If the transaction is completed, Accor would return most of the disposal proceeds to shareholders through an additional €500 million share buyback program.