Accorhotels has acquired London-based luxury serviced homes provider Onefinestay for £117 million, with a further commitment of £50 million to “help the company scale internationally”.
Onefinestay launched in 2010, and currently has a portfolio of 2,600 properties in locations including London, New York, Paris, LA and Rome.
The brand offers guests “hand-picked distinctive private homes with made-to-measure, personal service from a personal welcome on arrival to a team on call 24/7”, while for homeowners it 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”.
The Accorhotels investment will see Onefinestay aim to expand to 40 new cities worldwide over the next five years.
The brand will remain as an independent business unit with the Accorhotels Group, and it’s not clear whether Accorhotels Le Club members will eventually be able to earn or redeem points against stays with Onefinestay.
Commenting on the acquisition 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.”