AccorHotels buys luxury home rentals company

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 milion) for onefinestay and pledged to invest a further 64 million euros to help the company grow worldwide.