AccorHotels acquires luxury home rental company onefinestay

AccorHotels has continued to expand its presence in the alternative accommodation space with the acquisition of onefinestay, a company specialising in luxury home rentals.

The deal is valued at EUR148 million (US$169m) and AccorHotels has made a further commitment of EUR64m to expand the company in international markets. The latest acquisition follows the hotel group’s recent agreements to purchase a 30% stake in Oasis Collections and a 49% stake in Squarebreak.

Launched in 2010, onefinestay is a London-based start-up offering luxury “serviced homes”. Guests are offered a choice of private home rentals combined with a series of hotel-style services and 24/7 support. The company now operates a portfolio of 2,600 properties in locations such as London, New York, Paris, Los Angeles and Rome.

“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,” said Sébastien Bazin, chairman & CEO of AccorHotels.

“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.”

Following the acquisition, AccorHotels said it is planning a “new development phase” for onefinestay, accelerating its expansion across global urban markets and enhancing its distribution capacity. As a result, onefinestay is planning to expand into 40 new cities over the next five years, growing its revenues tenfold.

onefinestay will remain an independent business unit within the AccorHotels Group and will continue to be led by co-founder & CEO, Greg Marsh, along with his management team.

“AccorHotels’ investment in onefinestay is a tremendous invitation for us to write the next chapter in our story,” said Marsh. “We share their deeply held conviction about the scale of the home rental opportunity, and greatly value their expertise, their practical & 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.”