Accorhotels challenges sharing economy brands like Airbnb with joint venture and consolidation projects

Alys Key
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The Ibis and Novotel owner is rolling up its sleeves in response to the sharing economy (Source: Getty)

Hotels giant Accorhotels, owner of brands including Ibis and Novotel, is taking on sharing economy companies Airbnb and WeWork with two new strategies.

The group announced today that it would group three luxury home-rental divisions under the onefinestay brand, beefing up its luxury alternative to Airbnb and similar services.

One of the brands being brought under the umbrella is Travel Keys, which Accorhotels acquired earlier this year. It also added Squarebreak, which it fully bought out today for an undisclosed sum, having previously owned 49 per cent.

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The move puts 10,000 spaces under the onefinestay brand, which will now be overseen by Javier Cedillo-Espin as its chief executive.

“With this new step in consolidating our leadership position, onefinestay now has a sound platform combining brand excellence, a vast and complementary offer and distribution efficiency," commented Cedillo-Espin.

"We are hugely excited about the global development potential for our network. Our guests are always asking for more places where they can enjoy our professional hospitality and concierge experience and the integration of these 3 innovative brands is the answer.”

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Accorhotels also signalled a move into the professional space sharing market, through a joint venture with French firm Bouygues Immobilier.

The 50:50 partnership sees both companies pushing the Nextdoor brand, a provider of collaborative and flexible workspaces.

Both moves herald an assertive approach by the hotelier to combat the growing sharing economy.

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