London startup Onefinestay has been acquired by French company AccorHotels for £117m.
The startup provides a similar service to Airbnb for high-end luxury homes as well as a host service for travelers.
As part of the acquisition, AccorHotels has also committed to making a £50m investment into the startup over the next few years in order to help it scale internationally.
Greg Marsh, co-founder and CEO of Onefinestay, spoke about the acquisition: “Our new partner, AccorHotels, is a global leader in hospitality. They have an unrivalled luxury portfolio, and a heartfelt service culture.
“Like us, they are deeply convinced about the scale of the opportunity, and will be investing heavily in onefinestay’s growth and expansion. Our plan is to launch onefinestay in more than 40 new markets over the next five years. onefinestay will become a globally recognised byword for exceptional experiences, and extraordinary service, ” he added.
Marsh went on to note that onefinestay would continue to operate as an independent business, run by its founders and management team. “It’s a big step for us which represents an exciting new phase in our journey to change the way people live and travel,” said the CEO.
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The news comes after the startup closed a $40m Series D funding round in June last year, drawing support from investors such as Intel Capital, Quadrant Capital Advisors, and leading global hospitality brand Hyatt Hotel.
Sébastien Bazin, chairman and CEO of AccorHotels said in a statement: “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. Today, together with our recent investments, we are accelerating the transformation of our business model to capture the value creation linked to the rise of private rentals and also strengthening our presence in the luxury market with a complementary offer,” concluded Bazin.