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French hotel group AccorHotels has acquired the luxury serviced home rental firm Onefinestay for £117m.
Launched in 2010 in London by Greg Marsh, Demetrios Zoppos, Tim Davey and Evan Frank, the British Airbnb rival operates a portfolio of 2,600 properties worth £4bn in London, New York, Paris, Los Angeles and Rome.
Accor said it will support a new development phase for the company, accelerating its expansion across new key urban markets. It aims to expand to 40 new cities around the world over the next five years, while growing revenues tenfold.
Sébastien Bazin, chairman and CEO of Accor, 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 momes market.”
In a statement, Accor said Onefinestay will remain an independent business unit within the Accor group and will continue to be led by CEO Greg Marsh and its key management team.
