Following recent acquisitions of several online rental platforms, AccorHotels gets hold of a more significant operator in the serviced homes market, Onefinestay, a website focused on upscale properties.
The scale of this operation is much more significant, as demonstrated by the value of the acquisition: £117M, (€148M). Onefinestay is an online rental platform focusing on urban upscale properties, a strategic segment for AccorHotels. Founded in London in 2010 by Greg Marsh (CEO), Demetrios Zoppos, Tim Davey and Evan Franck, the company operates a portfolio of private homes located in popular neighborhoods of London, New York, Paris, Los Angeles and Rome - with combined real estate worth more than 5 billion euros. Onefinestay found its niche among reference operators in the industry, as described in our special report "Behind the scenes of shared accommodations" a few weeks ago.
The total sum spent for the acquisition (€148M), as well as the size of the Onefinestay portfolio (2,600 homes and apartments available for rent, totaling around 10,000 rooms), set the market value of accommodations available on the platform at €15,000 per available room, or €57,000 per property. On average, a home is rent between €500 and €600 a night. According to its Founder and CEO, commissions collected by Onefinestay can vary according to different criteria (season, occupancy rate, etc.), but approximate a 50/50 distribution overall. Indeed, the platform is not a mere online reservation tool: it manages operations, with "Meet & Greet" and concierge services included in the rate.
Sébastien Bazin, Chairman & CEO of AccorHotels said: “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”.
AccorHotels wishes to accelerate the platform's development, making a further commitment of €64m (£50m) to help the company grow internationally. As a result, onefinestay has an ambitious strategy to expand to 40 new cities around the world over the next five years, growing revenues tenfold.
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