“Unhotel” marketplace Onefinestay acquired for £117m
Purchase by French hotel group will see the Startups 100-listed luxury home rental company expand to 40 new cities by 2021
Onefinestay, the luxury online home rental service, has been acquired by French hotel group AccorHotels for £117m, with a further £50m made available for international expansion.
Launched in 2010 by Young Guns Greg Marsh and Tim Davey, Onefinestay enables users to stay in hand-picked private homes around the world with a personal, tailored service for guests.
The company – which previously featured in the Startups 100 index – operates a network of 2,600 properties across London, New York, Paris, Los Angeles and Rome, and is responsible for everything from marketing and insurance, to guest screening, cleaning and maintenance.
AccorHotels acquisition and investment will enable Onefinestay to accelerate its expansion to 40 key cities around the world over the next five years – resulting in an estimated tenfold increase in revenues.
Onefinestay will continue to operate as an independent unit within the AccorHotels Group, led by Marsh and the management team.
The news comes almost a year after the company secured a £25m Series D round to support international expansion.
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“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 [and] their practical and financial support.”
Sébastien Bazin, chairman & CEO of AccorHotels, added: “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 homes market.”