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Accor takes on sharing economy with £117 million onefinestay acquisition

Hotel giant says deal will position it as a leading player in the high-end serviced home market

Pictured: Sébastien Bazin, chairman and CEO of AccorHotels

AccorHotels is taking on the sharing economy with the €148M (£117 million) acquisition of high-end serviced home rental site onefinestay.

The site, launched in London in 2010 by co-founders Greg Marsh, Demetrios Zoppos, Tim Davey and Evan Frank, offers luxury serviced home rental for leisure and business guests in ‘hand-picked’ private homes. It has since grown to operate a portfolio of 2,600 properties in London, New York, Paris, Los Angeles and Rome.

Accor says the purchase, which will be bolstered by an additional commitment of €64m (£50m) to fund growth, positions the hotel giant as a leading player in the serviced homes market.

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.” 

Accor’s £500m acquisition of FRHI Hotels & Resorts is currently being finalised, while the company posted pre-tax profit of £518m, two years after instigating a turnaround in the wake of £490m losses.

Marsh, also onefinestay CEO, said the investment would support its strategy to expand to 40 new cities around the world over the next five years.

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

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