AccorHotels has acquired onefinestay, a high-end hospitality pioneer specialising in luxury serviced home rental, for €148 million.
Accor has also further committed €64 million to help the company scale internationally.
onefinestay is the leading brand in the luxury segment of the serviced homes market, combining the best homes and the finest service.
Leisure and business guests stay in hand-picked distinctive private homes with made-to-measure, personal service from a personal welcome on arrival to a team on call 24/7.
For homeowners, onefinestay provides peace of mind, convenience and flexibility, by taking care of everything from marketing, distribution and insurance to screening each guest, to professional cleaning, management and maintenance.
Launched in 2010 in London by founder Greg Marsh, Demetrios Zoppos, Tim Davey and Evan Frank, the company today operates a portfolio of 2,600 properties under exclusive management with strategic locations in London, New York, Paris, Los Angeles and Rome.
With its global presence and strong expertise in both operations and digital services, AccorHotels will support a new development phase of onefinestay, accelerating its expansion across new key urban markets, providing it with its powerful distribution capacity, strong customer base, incremental synergies and its know-how as a world-leading hotelier.
As a result, onefinestay has an ambitious strategy to expand to 40 new cities around the world over the next five years growing revenues tenfold.
Marsh 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.
“With AccorHotels’ help, onefinestay will become a globally recognised byword for exceptional experiences, extraordinary service, and handmade hospitality.”
onefinestay will remain an independent business unit within the AccorHotels Group and will continue to be led by Marsh and the key management team.
Sébastien Bazin, chairman, 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.”