UK-based peer-to-peer luxury accommodation rental service Onefinestay was acquired by hotel chain AccorHotels for €148m ($168m) today, providing an exit to shareholders including Intel Capital, chip maker Intel’s investment vehicle.
AccorHotels also injected a further $73m into Onefinestay to support the platform’s international growth. Onefinestay will remain an independent unit within the group and will continue to be led by co-founder and CEO Greg Marsh and his management team.
Founded in 2010, Onefinestay operates a peer-to-peer holiday home rental platform. The company targets an upscale market and offers services such as a personal welcome on arrival and a 24/7 hotline should any issues arise.
Onefinestay currently lists some 2,600 exclusive properties in London, Paris, Rome, New York and Los Angeles. AccorHotels will help Onefinestay accelerate an expansion drive to bring the platform to 40 additional cities within the next five years.
The company had raised approximately $80m in funding, most recently closing a $40m series D round in June 2015. The series D was backed by Intel Capital, hotel chain Hyatt Hotels, an affiliate of Quadrant Capital Advisors, Index Ventures, Canaan Partners and assorted angel investors.
Venure capital fund Profounders Capital has also invested in the company.
Greg Marsh said: “AccorHotels’ investment in Onefinestay is a tremendous invitation for us to write the next chapter in our story. We share their deeply held conviction about the scale of the home rental opportunity, and greatly value their expertise, their practical and financial support as we plan the launch of more than 40 new markets over the next five years.
“With AccorHotels’ help, Onefinestay will become a globally recognised byword for exceptional experiences, extraordinary service and handmade hospitality.”