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AccorHotels buys luxury home rentals company onefinestay
[PARIS] AccorHotels, Europe's largest hotel group, said on Tuesday it bought British high-end serviced home rental company onefinestay as it fights the rising challenge of online home-sharing company Airbnb and booking websites like Expedia.
The world's fifth-largest hotel group, undergoing a reorganisation initiated by Chief Executive Sebastien Bazin, said it paid 148 million euros (S$228.56 million) for onefinestay and pledged to invest a further 64 million euros to help the company grow worldwide.
Onefinestay, which was launched in London in 2010, has a portfolio of 2,600 properties in London, New York, Paris and Los Angeles, AccorHotels said in a statement.