Qatar First Bank to fund consortium’s 10.8% stake buy in Ennismore

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Qatar First Bank to fund consortium’s 10.8% stake buy in Ennismore

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Qatar First Bank LLC (QFB) will provide 20 million euros ($21 million) of Shariah-complaint financing to a Qatar consortium to purchase 10.8 percent stake in Ennismore, an international hospitality group.

The French hotels group, Accor, which owns a majority stake in Ennismore, had on Tuesday said it planned to sell the stake to the Qatari consortium for 185 million euros. The deal valued Ennismore at more than 2 billion euros, it said.

QFB said in a filing to the Qatar Stock Market that the deal was likely to be closed in the second half of 2022 and was subject to the regulatory requirements

With the global tourism and lifestyle recovery on track, the time "is ripe for a bold move into the international hospitality and tourism market that will further cement Qatar’s strategic place as a key player in this important sector," Abdulrahman Totonji, QFB’s CEO, said.

Ennismore is known for Hoxton hotels in London and New York and Mama Shelter rooftop bars in Paris. On completion of the transaction, Accor will have a 62.2 percent stake in Ennismore, according to a Reuters report. The remaining shares are held by Sharan Pasricha, founder of Ennismore.

(Reporting by Brinda Darasha; editing by Seban Scaria)

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