A UK startup which offers luxury Airbnb-style holiday rentals has been acquired by a major hotel group for a multi-million pound sum.
French hotel group AccorHotels has snapped up Onefinestay for £117m.
“Onefinestay has successfully captured a sweet spot: a combination of needs that neither traditional hotels nor new actors of the sharing economy can meet," said Accor's chairman and chief Sebastian Bazin.
"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."
Onefinestay, founded in 2010 and with £56m worth of venture capital backing, will remain as separate business unit within Accor and will continue to be lead by co-founder and chief executive Greg Marsh.
He 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 & financial support as we plan the launch of more than 40 new markets over the next five years."
The company boasts investment from Index Ventures, Canaan Parnters, Intel Capital, Quadrant Capital Advisors, angel investors Joss Kent, Richard Chen, and Mark Dempsters as well as global hotel firm Hyatt.
Accor will also invest another £50m in Onefinestay's global expansion. It currently employs more than 700 people and operates in London, Los Angeles, New York and Paris, as well as recently expanding to Rome.