AccorHotels CEO: It’s Foolish and Irresponsible to Fight Against the Sharing Economy
Photo Credit: A Onefinestay property in London. Under Accor, the brand will look to expand rapidly from its existing markets. Onefinestay
Skift Take
With its multi-million-dollar investments in Onefinestay, Oasis Collections, and Squarebreak, AccorHotels is taking a smart, strategic approach to battling the encroachment of home-sharing platforms like Airbnb and HomeAway by embracing their direct competitors.
Paris-based AccorHotels, the biggest Europe-based hotel operator, with more than 500,000 rooms worldwide, has been on a buying spree of late.
In December 2015, the company agreed to buy the Fairmont, Raffles, and Swissotel brands for $2.9 billion in stock and cash. Currently, there's chatter suggesting it is eyeing Carlson Rezidor Hotel Group, too, although AccorHotels CEO Sébastien Bazin says the company has not put in a bid.
But three of its most recent acquisitions and investments — Oasis Collections, Squarebreak, and Onefinestay, announced yesterday — all play in the same space: the sharing economy. And that speaks to a larger trend in the hospitality industry best summarized as "if you can't beat 'em, join 'em."
With its $168 million acquisition of London-based Onefinestay, AccorHotels is making its largest commitment yet to entering the sharing economy. Onefinestay rents its members' upscale homes in London, Los Angeles, New York, Paris, and beginning in June, Rome
