AccorHotels Acquires Luxury Vacation Rental Company for $169 Million
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AccorHotels announced that is has acquired luxury vacation rental service onefinestay in a deal worth $169 million.
As part of the agreement, the French Hotel Group will provide an additional $73 million to fund the company's international expansion and increase revenue.
Seen as the leading brand in the luxury serviced homes market, onefinestay launched six years ago and currently operates a portfolio of 2,600 properties around the globe, including premier locations like London, New York, Paris, Los Angeles and Rome.
The company provides travelers with a private homes and personalized round-the-clock service, while taking the weight off homeowners' shoulders by handling the marketing, distribution, cleaning, management and maintenance, among other aspects.
The company's co-founder and CEO Greg Marsh said the goal is to expand onefinestay to 40 new markets over the next five years with the help of AccorHotels.
AccorHotels plans to utilize its distribution capacity, customer base and incremental synergies to help propel onefinestay's expansion and ultimately drive revenue growth.
"onefinestay has successfully captured a sweet spot: a combination of needs that neither traditional hotels nor new actors of the sharing economy can meet," said AccorHotels chairman and CEO Sebastien Bazin in a statement. "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."
onefinestay will remain an independent unit under the AccorHotels Group.
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