Accor Makes Reservation With Lodging Rental Service Onefinestay

In a move to fend off competition from rental service Airbnb, Europe hotelier Accor has struck a $168 million deal for a stake in Britain's Onefinestay.
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In a move to fend off competition from lodging rental service Airbnb Inc., Europe hotelier Accor SA has struck a £148 million ($168 million) deal for a majority stake in Britain's Onefinestay. Europe's largest hotel group will invest an additional £64 million in the upscale renter of private properties to expand its reach into 40 new cities over the next five years. Onefinestay currently offers rentals in five cities: London, New York, Paris, Los Angeles and Rome. 'We are accelerating the transformation of our business model to capture the value creation linked to the rise of private rentals,' Accor chairman and CEO Sébastien Bazin said in a statement.