Accor will sell its stake in Essendi for a maximum of 975 million euros

The memorandum of understanding signed Wednesday by these two companies provides for "the sale of the entire stake" of Accor for an amount "that could reach 975 million euros, of which 675 million euros are to be received on the date of completion of the transaction and an earn-out payment that could reach 300 million euros", they specify in a press release.

This protocol also includes the "gradual conversion of the portfolio" of Essendi, formerly AccorInvest, Accor's former real estate arm which notably owns the buildings and funds of the F1 hotels, "into hotels under franchise contract", in accordance with Accor's "strategy" to "simplify and further strengthen the robustness and predictability of its business model".

"All hotels in the portfolio would remain under Accor brands and the new franchise contracts would have maturities extended to 20 years," it added.

The transaction could take place "during the third quarter of 2026 subject to the completion of the shareholders' agreement between Blackstone and the other shareholders" of Essendi "and customary regulatory and competition approvals".

Accor will then return to shareholders "the bulk of the proceeds from the sale in the form of an additional share buyback program amounting to 500 million euros", according to the press release.

The world's sixth largest hotel group, which owns brands such as Ibis, Sofitel, Novotel, Mercure and Pullman, also announced "immediately launching a first tranche of 225 million euros of the share buyback program for the 2026 financial year" announced last month, of 450 million euros.

Accor generated almost stable revenue in 2025 (+0,6%) at 5,64 billion euros, but excluding negative exchange rate effects (mainly Australian, US and Canadian dollars), it shows an increase of 4,5%.

The group launched the sale process for AccorInvest last year, which was renamed Essendi in April 2025.

Accor spun off its real estate subsidiary AccorInvest in 2017 with the aim of relinquishing control and becoming a pure hotel operator. In mid-2018, the group sold 65% of this division for €4,8 billion, committing to retain 30% until May 2023.

But Covid-19 came along, severely weakening the results of the real estate company, which was forced into a vast job reduction plan and to take out a loan guaranteed by the State, and Accor retained its 30% stake for longer than expected.