AccorHotels has announced its acquisition of onefinestay, a company specializing in luxury serviced home rentals. The nearly $169 million deal is backed with an additional commitment of $73 million to help the rental company grow internationally. Co-founder and CEO Greg Marsh will remain at the helm of onefinestay, which will continue to function as an independent business within the AccorHotels Group.
AccorHotels will oversee onefinestay’s expansion efforts into new urban markets, with the goal to develop the brand in 40 new cities around the world over the course of the next five years.
Launched in 2010 in London by Marsh and co-founders Demetrios Zoppos, Tim Davey, and Evan Frank, the company today operates a portfolio of 2,600 properties under exclusive management with locations in London, New York, Paris, Los Angeles, and Rome (representing an estimated asset value of approximately $5.6 billion.
“Onefinestay has successfully captured a sweet spot: a combination of needs that neither traditional hotels nor new actors of the sharing economy can meet,” says Sébastien Bazin, AccorHotels chairman and CEO. “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.”
“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 & financial support,” says Marsh.
