Faena and Accor, which has a portfolio of more than 5,000 properties across a myriad of brands in 110 countries, have partnered to expand the Faena brand to strategic destinations worldwide—something the brand has been planning since at least 2018. The announcement was made Tuesday by Alan Faena and Len Blavatnik of Faena Group, together with Sébastien Bazin, chairman and CEO of Accor.
Alan Faena will work with Accor to break new ground and develop Faena Districts in select destinations worldwide. This new venture, according to Faena, will become a catalyst for exponential growth for the brand. Dubai is slated to be the first international destination.
The new venture will manage Faena Buenos Aires and Faena District Miami Beach, as well as all future projects created in collaboration together. This endeavor will result in pioneering businesses that specialize in the development of socially responsible, holistic environments, anchored in cultural experiences, ranging from residences and hotels, art and cultural spaces.
Alan Faena called Accor the “perfect partner” in a press announcement, noting their “shared vision and passion.”
The move also made sense for Accor, which has been building an experience-based hospitality platform. Late in 2020, Accor, as part of its asset-light strategy and with the ambition of accelerating its growth in the “lifestyle” hospitality sector, signed binding agreements on a new sbe Group’s ownership structure. Under the agreements, Accor would take full ownership of sbe hotel brands including the Delano, Mondrian, SLS and Hyde, along with most of sbe’s food and beverage brands
This announcement comes on the heels of a larger, exclusive negotiation with Ennismore, an owner and developer of hospitality properties. Through this all-share merger, a new autonomous and fully asset-light entity brings together a portfolio of brands also including The Hoxton, Gleneagles, SO/, Mama Shelter, 25hours, 21c Museum Hotels, Tribe, Jo&Joe and Working From_.