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.
With the acquisition of onefinestay, a high-end hospitality pioneer in luxury serviced home rental in key worldwide gateways, AccorHotels has entered a new market segment with ambitious plans to grow the brand internationally.
The deal worth €148 million (US$169 million), includes a further commitment of €64m by AccorHotels.
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.
Leisure and business customers of onefinestay opt for 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 Greg Marsh, now its chief executive and co-founder, Demetrios Zoppos, Tim Davey and Evan Frank as 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 homes in the portfolio represent an estimated asset value of more than €5 billion.
onefinestay 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 chief executive officer of AccorHotels said: “fWith 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”.
“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,” said Marsh.