A&O Shearman advises Colony IM on the acquisition of Accor’s stake in Essendi

Under a binding agreement entered on July 23, 2026, Colony IM will acquire 14.29% of Accor's stake in Essendi, representing approximately 4.39% of the company’s share capital. Blackstone, a world leader in alternative asset management, will acquire the remaining 85.71%, representing approximately 26.33% of Essendi’s capital. 

Upon completion of the transaction, Colony IM's existing stake in Essendi will increase to 25.51%, reinforcing its position as one of the company's principal shareholders. Accor's entire stake is being sold for consideration of up to approximately EUR975 million.

The transaction also involves the renegotiation of the shareholders' agreement with Essendi's other major investors. The Master Agreement and Hotel Franchise Agreement between Accor and Essendi will also be renegotiated.

The transaction is expected to close in the fourth quarter of 2026 after customary regulatory and antitrust approvals.

The A&O Shearman team was led by partners Anne-Caroline Payelle and, Marc Castagnède with associate Gaëtan Le Bris on the M&A aspects. Partner Florence Ninane advised on antitrust aspects while the real estate aspects were handled by partner Jean-Dominique Casalta and senior associate Alix Pallier. The Luxembourg team also advised on the transaction: counsel Laurent Goyer advised on Luxembourg law matters while partner Jacques Graas and counsel Mathieu Tourin advised in relation to a minority investor in Essendi managed by Amundi.