Accor enters high-end vacation rental market

AccorHotels announced the acquisition of onefinestay, a high-end vacation rental company specialising in luxury serviced home rentals worldwide, for 148 million euro and made a further commitment of 64 million euro to help the company expand internationally.
Sebastien Bazin, Chairman & CEO of AccorHotels said: “onefinestay has successfully captured a sweet spot: a combination of needs that neither traditional hotels nor new actors of the sharing economy can meet.
“With the acquisition of this exceptional brand, unique operating model and outstanding management team, AccorHotels is developing as the worldwide leader of the serviced homes market.
“Today, together with our recent investments, we are accelerating the transformation of our business model to capture the value creation linked to the rise of private rentals and also strengthening our presence in the luxury market with a complementary offer.”
Launched in 2010, onefinestay today operates a portfolio of 2,600 properties under exclusive management with strategic locations in London, New York, Paris, Los Angeles and Rome.
Co-founder & CEO Greg Marsh said: “AccorHotels’ investment in onefinestay is a tremendous invitation for us to write the next chapter in our story. We share their deeply held conviction about the scale of the home rental opportunity, and greatly value their expertise, their practical and financial support as we plan the launch of more than 40 new markets over the next five years.
“With AccorHotels’ help, onefinestay will become a globally recognised byword for exceptional experiences, extraordinary service and handmade hospitality.”