In April AccorInvest changed its name to Essendi. This was no mere branding make-work scheme created by PRs to fill their days, but done for the reason that Accor was preparing to no longer Invest. Given that many of the hotels would retain Accor flags they could have gone with Accor Not Invest, but the signs would still need to be changed, so why not.
The group said: “Inspired by the Latin word essendi — ‘that which must be’ — this name reflects the company’s core purpose: creating places that generate value, foster connection, and carry meaning. With its fluid, open, and universal sound, Essendi evokes both local roots and forward-looking international ambition. The name ends with an open syllable, with the final ‘i’ ringing out like an invitation to smile. This spirit is captured in the brand’s new internal mantra: ‘Essendi makes me smile’.”
There’s a permanence and even a punchy solidity to ‘must’ which comes with a scrappiness lacking in many brand names and that’s enough from the creative writing masters syllabus for now.
Accor has for the past while been cutting down its stake in Essendi, with a pause for the pandemic, but is now back on it.
Last week Accor chairman & CEO Sébastien Bazin appeared on BFM Business chit chatting at the back of the Accor Arena, about when the group was going to dispense with its final 30%, commenting that he expected to have offers by mid November, with the “two lucky finalists”* selected in January or February and the whole deal finalised by next summer.
As an aside, and while we’re leaning into our French, Bazin reiterated that while Accor was not obliged to sell its Essendi stake, it had also not been obliged to sell Formule 1, which popped up in the market earlier this year and remains with them, he said, because the offer received wasn’t good enough.
A tricky option? He felt no, but specialised, offering as it does long-term accommodation across construction, medicine and some migrants. A clientele the staff must know how to address.
Back at the company which must be, and Bazin pointed out that Essendi had been through the same storm as Accor during the pandemic, when more attention was paid to financial restructuring than the assets, meaning that the new owner would be bringing in some much-wanted new capital as as well a fresh perceptive**.
And will that then be Baz done? Twenty years in he has signed on for another three years and told BFM Business that, while he had an idea of the share price he wanted the group to reach, he’d leave even if it hadn’t been met. “The company is doing well, the results are there, the growth is there, the brands are there, the talent is there,” he probably said.
What won’t be there is real estate and, here at NewDog PR we continue to wonder whether the branded sector will be forced to start thinking more about reversing the move to asset light and wondering how much longer it can maintain those pipelines their share prices rely on.
Maybe it’s that the public markets are no place for a hotel brand. Maybe darkness is their only friend. Maybe the next move is branded retirement homes.
For those looking to kick back after Oktoberfest and think some more about real estate and whether it has any relevance to hotels, NewDog’s Katherine will be chairing the hotel investment panel bright and early on Monday morning at 10am at EXPO REAL. Come along and see if you can find a connection between property and hotel brands.
And for those attending the Independent Hotel Show in London, NewDog’s Emily will be chatting with Serena von der Heyde, Adam Dyke FIH MI and John Kelly about people, talent and technology. Monday 6th Oct 15:15 – 16:00 right before UKHospitality. We anticipate the link being seamless.
*translation.
** “a new eye”.
