French hospitality group AccorHotels has acquired Onefinestay, an international luxury serviced home rental start-up platform, for €148 mln.
Accor is investing a further €64 mln to help London-based Onefinestay finance further international expansion.
Onefinestay was launched in 2010 by Greg Marsh (CEO and co-founder), Demetrios Zoppos, Tim Davey and Evan Frank (co-founders). 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. The portfolio represents an estimated asset value of more than £4bn (€5 bn).
Onefinestay's strategy is to expand to 40 new cities around the world over the next five years growing revenues tenfold. The company will remain an independent business unit within the AccorHotels Group and will continue to be led by Greg Marsh and the key management team.
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.'
