One of onefinestay’s properties in London
ACCORHOTELS has acquired luxury serviced home rental company onefinestay for a sum of 148 million euros (US$168 million), with an added commitment of 64 million euros to help scale the UK-based startup.
The move comes on the back of increased pressures from non-hotel accommodation providers such as Airbnb gaining market share from traditional operators, as well as motivated by Accor’s ambitions to further expand its luxury portfolio.
Started in London in 2010 by Greg Marsh, Demetrios Zoppos, Tim Davey and Evan Frank, onefinestay has 2,600 properties in the cities of London, New York, Paris, Los Angeles and Rome, and will remain an independent business unit led by Marsh.
According to a joint statement by Accor and onefinestay, the company plans to expand to 40 new cities around the world over the next five years, with revenues estimated to grow tenfold.
Sébastien Bazin, chairman and CEO, 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.”
