AccorHotels buys onefinestay
AccorHotels has bought luxury home rental specialist onefinestay for £117 million.
It will also invest another £50 million to help the company’s international expansion into key urban markets.
The home rental company was founded in London in 2010 by Greg Marsh, CEO and co-founder, and co-founders Demetrios Zoppos, Tim Davey and Evan Frank.
Today it operates a portfolio of 2,600 properties under exclusive management with strategic locations in London, New York, Paris, Los Angeles and Rome.
AccorHotels said it will develop the brand by ‘providing it with its powerful distribution capacity, strong customer base, incremental synergies and its know-how as a world-leading hotelier’.
It will remain an independent business unit within the AccorHotels Group and will continue to be led by Marsh and the key management team.
It said under Accor’s ownership, onefinestay has an ‘ambitious strategy’ to expand to 40 new cities around the world over the next five years and to grow revenues tenfold.
Sebastien 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."
Bev
Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.
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