AccorHotels has acquired Onefinestay, the London-based
accommodations service specializing in renting out upscale homes, for 148
million euros (about $169 million).
In Onefinestay, Accor is acquiring a company with an
inventory of about 2,600 homes in London, New York, Paris, Los Angeles and
Rome. With Accor as its parent, Onefinestay intends to add listings in 40 more
cities within the next five years.
Onefinestay has tried to differentiate itself from
competitors Airbnb and HomeAway, saying it provides a “turnkey” experience for homeowners. The
company handles reservations, payments and on-site guest requests. Plus, it
provides items such as high-end linens, towels and toiletries for guests.
Founded in 2010, Onefinestay secured a $40 million
funding round last year that included an investment for an undisclosed amount
by Hyatt Hotels.
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,” AccorHotels CEO Sebastien Bazin said in a
Accor in February acquired Miami-based home-rentals
service Oasis Collections while taking a 49% stake in Paris-based upscale-home
Accor said last year that it was looking to triple the
number of properties to more than 10,000 through its website by adding listings
from outside its hotel brands.
Onefinestay last fall reached an agreement for travel
agent members of Signature Travel Network to sell Onefinestay’s inventory.
Onefinestay had previously reached a similar distribution deal with the
Virtuoso agent network.