Accor Hotels announced a new direction of their business. The internationally famous hotelier will offer luxury houses for rent. In order to make that possible, Accor purchased onefinestay for US$168.5 million. The hotelier already announced that it would invest another US$73 million into the service in order to help it move to the international level. With that investment, onefinestay will be able to add 40 more cities around the world to its portfolio. Accor will keep onefinestay as a separated and independent business within the AccordHotels Group.
Currently, onefinestay has a diversified portfolio of more than 2,600 houses in different parts of the world, mainly in Rome, Los Angeles, Paris, New York and London. The estimated asset value of the portfolio is more than US$5.7 billion. Accord has defined new key markets for the house rental and will help onefinestay add more properties to its portfolio, building distribution channels and customer base. All aspects of rental process will be handled by onefinestay. The company has extensive experience in working with home owners and providing them with all necessary support, such as marketing help, screening guests and insurance services, professional cleaning and maintenance, and more.
Serviced homes rental services are not something that traditional hotels can offer, so Accor hopes to become a global leader in this area and use their experience in hotel industry to improve their position on the luxury house rental market.