A consortium of Blackstone and Colony IM has agreed to buy Accor’s entire 30.7% stake in Essendi for up to €975m.

The binding agreement signed 23 July 2026 turns an April memorandum into a firm deal, giving the buyers a sizeable position in a major European hotel real‑estate platform.

Accor will take €675m immediately, with an earn‑out of up to €300m tied to future performance, leaving buyers exposed to upside and downside as the portfolio’s value evolves.

Essendi’s hotels will be re‑franchised under Accor brands with contracts averaging 20 years, preserving brand, distribution and loyalty while giving the consortium ownership of the real‑estate and operating businesses.

The transaction aligns with Accor’s asset‑light strategy and Blackstone’s appetite for long‑dated, contract‑backed income. Closing is expected Q4 2026, pending regulatory approvals, and Accor will return most proceeds to shareholders via a €500m buyback.