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AccorHotels acquires hospitality group onefinestay for €148M

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AccorHotels acquires hospitality group onefinestay for €148M

has acquiredinternational hospitality group onefinestay for €148 million, according to anApril 5 news release.

Thegroup also made a €64 million commitment to the acquired group to aid in itsglobal expansion.

Onefinestayspecializes in luxury serviced home rental and has a portfolio of 2,600properties across London, New York, Paris, Los Angeles and Rome. The assetvalue of onefinestay's managed properties is estimated at more than €4 billion.

TheFrench hotel group plans to accelerate onefinestay's expansion across key urbanmarkets, targeting 40 cities in the next five years, and a tenfold revenuegrowth.

Onefinestaywill remain as an independent business unit within the AccorHotels Group andwill continue to be led by CEO and co-founder Greg Marsh and his managementteam.

AccorHotelsalso acquired stakes in two other hospitality firms in February, as earlier.

Asame day report from The New York Timessaid the move comes in the wake of Airbnb's mainstream popularity, promptingother hoteliers to expand into "the so-called sharing economy."According to the publication, onefinestay provides homeowners the choice ofrenting out their houses, and oversees each rental to provide amenities. Thereport also said onefinestay recently raised just over US$80 million in venturecapital, including from Hyatt Hotels.