Accor SA has signed a memorandum of understanding to sell its 30.56% stake in Essendi, formerly known as AccorInvest, to a consortium led by Blackstone and Colony Investment Management for a total consideration of up to €975 million.
Under the terms of the agreement, Accor will receive €675 million at closing, along with a potential earn-out of up to €300 million. The transaction is expected to close in the third quarter of 2026, subject to regulatory approvals and finalization of shareholder agreements.
As part of the deal, Essendi’s hotel portfolio will be gradually converted into franchise contracts, aligning with Accor’s asset-light strategy. The hotels will continue operating under Accor brands, with new franchise agreements extending up to 20 years. The company said the transaction supports its goal of enhancing the resilience and predictability of its business model while remaining consistent with its previously outlined EBITDA trajectory.
Accor also indicated that it intends to return a significant portion of the proceeds to shareholders through a €500 million share buyback program. An initial tranche of €225 million is set to launch for fiscal year 2026 following disclosure of the transaction.
Essendi represents a major real estate-backed hotel platform, and the sale marks another step in Accor’s shift away from asset ownership toward a more capital-light, franchise-driven operating model.
