How Accor is completing its Asset-Light transformation

April 9th, 2026 Rédaction No Comment Hotels and Lodging ACCOR, AccorInvest, Essendi, France 1483 views

Hotel giant Accor has taken a major step in its strategic reorganization by announcing the signing of a memorandum of understanding for the sale of its remaining 30.6% stake in Essendi, its real estate arm, to a consortium formed by Blackstone and Colony Investment Management.

This transaction, valued at up to €975 million (approximately $1.1 billion), is expected to close in the third quarter of 2026, at which point Accor will no longer hold any assets in this entity.

Essendi, formed from the transformation of the original AccorInvest business (sold in 2017), is now the largest hotel owner-operator in Europe, with a portfolio of 535 hotels across 20 countries, valued at nearly €7.8 billion at the end of 2024.

Under the terms of the agreement, these establishments will continue to display the group’s iconic brands but will be progressively converted into franchise agreements with extended terms of up to 20 years, thus guaranteeing the continued presence of Accor brands on the ground without the burden of property ownership.

This move completes an « asset-light » strategy initiated nearly ten years ago, exemplified by the spin-off of AccorInvest in 2018, the acquisition of Mövenpick, focused on asset management, and the sale of its stake in Orbis.

In parallel with this exit from Essendi’s capital, which led to the suspension of the share buyback program in December 2025, Accor is actively preparing for the future of its Lifestyle segment.

The group is indeed considering an initial public offering (IPO) for Ennismore, its subsidiary specializing in trendy hotels and restaurants.

This operation aims to strengthen the financial flexibility needed to support Ennismore’s rapid expansion, of which Accor intends to remain the majority shareholder.

With a portfolio now exceeding 5,800 properties worldwide, Accor is thus refocusing entirely on its expertise as a brand manager and franchisor, optimizing its liquidity to seize new growth opportunities in the global market.