AccorHotels is ramping up its presence in the home-sharing sector by bolting new acquisitions on to its Onefinestay brand to counter the threat posed by Airbnb and other online booking services.
Accor, Europe’s largest hotelier by room numbers, acquired UK-based luxury homes rental site Onefinestay in a deal worth up to €148 million last year.
The French hospitality giant has fully acquired Squarebreak, a French home rentals start-up in which it already has a 49% stake. The deal price was undisclosed.
Accor also also bought Travel Keys, a US group that acts as a broker to hire luxury villas, in February.
The three home-sharing groups are to be merged under the Onefinestay brand, increasing the number of rentals offered to 10,000 from about 2,500.
Evan Frank, Onefinestay’s co-founder, has been replaced as chief executive by Javier Cedillo Espin, a long-time Accor executive.
“This is really about taking Onefinestay global,” Cedillo Espin told the Financial Times.
Read the full article at Travolution.