New horizons for Accor

AccorHotels, the hotel operting company whose properties include the Sofitel T5 and Renaissance Bath Road Heathrow,  has moved into the luxury serviced home-rental sector with the acquisition of the onefinestay company.

The deal is worth €148m (£117m), with Accor making a further commitment of €64m (£50m) to help onefinestay expand internationally.

The new acquisition, an upmarket rival to Airbnb, allows business as well as leisure travellers to stay in what it describes as hand-picked and distinctive private homes.

The company, launched in London in 2010, also claims to offer ‘made-to-measure’ service, from a personal welcome on arrival to a team on call 24/7.

It has 2,600 properties under exclusive management in London, New York, Paris, Los Angeles and Rome, representing an estimated asset value of more than £4bn. 

Accor says it will now support a new development phase for onefinestay, accelerating expansion across new key urban markets.

Plans call for 40 new cities worldwide to join the onefinestay portfolio within the next five years, with a tenfold growth in revenue.

The company will remain an independent business unit within the AccorHotels group and continue to be led by CEO and co-founder Greg Marsh and the existing management team.  www.accorhotels.com  www.onefinestay.com

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