04-05-2016, 06:44 PM
AccorHotels on Tuesday announced the €148 million (US$168.5 million) acquisition of onefinestay, a high-end serviced home rental company that counts Hyatt Hotels Corp. as one of its investors. Accor plans to make a further commitment of €64m (US$72.9 million) to help the company scale internationally, with a goal to expand to 40 new cities around the world over the next five years and grow revenues tenfold. onefinestay will remain an independent business unit within the AccorHotels Group and will continue to be led by CEO and Co-Founder Greg Marsh and the key management team. 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 (representing an estimated asset value of more than £4 billion (US$5.7 billion). AccorHotels will support a new development phase of onefinestay, accelerating its expansion across new key urban markets, providing it with its distribution capacity, customer base and incremental synergies. onefinestay takes care of all aspects of the rental process for homeowners placing their property in its system, ranging from marketing, distribution and insurance to screening each guest, to professional cleaning, management and maintenance.