Newspaper article International New York Times

AccorHotels Buys Onefinestay for $169 Million

Newspaper article International New York Times

AccorHotels Buys Onefinestay for $169 Million

Article excerpt

The European hotel group is acquiring the British short-term vacation rental company just as concerns mount about the health of Europe's tech scene.

AccorHotels, one of Europe's largest hotel groups, said on Tuesday that it had bought Onefinestay, a London-based short-term rental company, for 148 million euros.

The deal, worth $169 million, is the latest effort by AccorHotels to expand into the so-called sharing economy after companies like Airbnb, the vacation rental website now valued at roughly $24 billion, have made it more popular for people to turn away from hotels when traveling on vacation or on business.

In February, AccorHotels announced it had bought a minority stake in Oasis Collections, another short-term vacation site.

As part of the latest deal, AccorHotels said it would invest a further $73 million to expand Onefinestay's worldwide presence in vacation rentals. …

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