French hotel group AccorHotels is continuing to fight back against the disruptive elements of the hospitality sector by acquiring the luxury home rental business onefinestay for £117m.
Founded in London in 2010 by Greg Marsh, Demetrios Zoppos, Tim Davey and Evan Frank, onefinestay operates a portfolio of 2,600 properties worth £4b in London, New York, Paris, Los Angeles and Rome. AccorHotels will now invest a further £50m in the business to help the company grow globally.
The bold move follows the announcement in February that AccorHotels had bought a 49% stake in Squarebreak, which offers private homes for rent in France, Spain and Morocco, alongside a 30% share of Oasis Collections, which has 1,500 properties in 18 destinations across Latin America, the US and Europe.
AccorHotels first took on competing business with the opening up last year of its digital channels to independent hotels with the aim of signing up more than 10,000 properties worldwide, in a reaction against the increasing dominance of online travel agents.
onefinestay will remain an independent business within the AccorHotels Group and will continue to be led by Greg Marsh, the chief executive, and the key management team.
Sébastien Bazin, chairman and chief executive 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."
Marsh added: "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."