Onefinestay acquired, as competition between AccorHotels and Airbnb heats up

iStock_000081910463_SmallOnefinestay, the accommodation startup that offers a similar service to Airbnb, has been acquired by French company AccorHotels for £117m.

AccorHotels has committed to ploughing £50m into onefinestay, which focusses on high-end luxury homes. International expansion has been hallmarked as a long-term goal.

“Our new partner, AccorHotels, is a global leader in hospitality. They have an unrivalled luxury portfolio, and a heartfelt servicecuture”, says Greg Marsh, co-founder and CEO of Onefinestay.

“Like us, they are deeply convinced about the scale of the opportunity and will be investing heavily in onefinestay’s growth and expansion. Our plan is to launch onefinestay in more than 40 new markets over the next five years. onefinestay will become a globally recognised byword for exceptional experiences, and service”.

Sébastien Bazin, AccorHotels chairman and CEO, also enthused:

“onefinestay has successfully captured a sweet spot: a combination of needs that neither traditional hotels nor new actors of the sharing economy can meet”.

The acquisition comes after onefinestay completed a $40m round in June last year, with backing from Intel Capital, Quadrant Capital Advisors, and hospitality giants Hyatt Hotel.

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