Accorhotels has acquired high-end serviced rental firm Onefinestay in a deal worth £117 million.
The hotel group has committed a further £50 million to help the company grow globally.
Onefinestay is a London firm that lets people stay in luxury locations around the world. Last year it announced $40 million of new funding from a range of top investors with global operator Hyatt reportedly among them.
The company operates 2,600 properties under exclusive management with locations in London, New York, Paris, Los Angeles and Rome (representing an estimated asset value of more than £4 billion).
Unlike Airbnb, Onefinestay picks only the “finest properties” which it cleans and maintains and provides a 24/7 concierge service.
Accor said it will “accelerate” growth in “key urban markets” and has plans to have properties in 40 new cities in the next five years.
It will remain an independent business unit within the Accorhotels Group and will continue to be led by current CEO Greg Marsh and his management team.
Accorhotels CEO and chairman Sébastien Bazin said: “Onefinestay has successfully captured a sweet spot: a combination of needs that neither traditional hotels nor new actors of the sharing economy can meet.
“With the acquisition of this exceptional brand, unique operating model and outstanding management team, AccorHotels is developing as the worldwide leader of the Serviced Homes market.
“Today, together with our recent investments, we are accelerating the transformation of our business model to capture the value creation linked to the rise of private rentals and also strengthening our presence in the luxury market with a complementary offer,” he said.