AccorHotels adds onefinestay to portfolio
The £117m deal includes an extra investment of £50m which will be used to help the UK-based company grow internationally.
Onefinestay, launched in 2010 by Greg Marsh, Demetrios Zoppos, Tim Davey and Evan Frank currently operates a portfolio of 2,600 properties in London, Paris, Rome, New York and Los Angeles.
Guests booking through the service are offered a stay within a luxury private home with a personal welcome and help on call 24/7. The service offers homeowners a host of services, from marketing, distribution and insurance to cleaning, management and maintenance.
Sébastien Bazin, chairman and 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”.
Development phase
The deal will see AccorHotels develop the brand and expand into 40 new global cities over the next five years.
Onefinestay will remain an independent business unit within the AccorHotels Group and will continue to be led by Marsh and the key management team.
Marsh, co-founder & CEO of onefinestay 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."
