Mandarin Oriental takes stake in Stay One Degree
Mandarin Oriental Hotel Group has taken a stake in home rental company Stay One Degree in a funding round.
The UK and Hong Kong based company has achieved strong growth since its launch in 2018, and now offers a collection of more than 3,500 homes in over 250 destinations to members in over 70 countries.
The funding round was led by a strategic investment from Mandarin Oriental and will enable Stay One Degree to accelerate the expansion of its global portfolio of exceptional luxury homes and move into new underpenetrated markets.
Stay One Degree and Mandarin Oriental will also look for opportunities to collaborate and develop a range of curated luxury experiences.
Thomas Bennett, Stay One Degree co-founder, said: “We are absolutely thrilled to have closed this Series A funding round and have a new strategic partner and shareholder in Mandarin Oriental, which in my mind is the most luxurious hotel brand in the world, offering legendary service standards and impeccable attention to detail.
“We share their core values and obsessive focus on offering our members a unique experience whenever they stay in our homes.”
The pair will also explore avenues for customers to benefit from exclusive access, privileged benefits and superior recognition across the combined portfolio of destinations offered by both brands.
“We look forward to working closely with Stay One Degree as they expand their exceptional offering of wonderful homes and services to discerning global travellers.
“We see definite opportunities for our brands to collaborate together and look forward to exploring ways to introduce new luxury experiences that combine the best of both brands,” said James Riley, chief executive of Mandarin Oriental Hotel Group.