Given the timing of this announcement, there's no doubt the AccorHotels acquisition may have had something to do with Marsh's decision to depart the company he founded. It'll be interesting to see, however, what Marsh pursues next, and if the company will expand rapidly under AccorHotels and Frank's direction.
After serving as CEO and chairman of onefinestay, a London-based alternative accommodations provider, Chairman, Co-founder, and CEO Greg Marsh is resigning to pursue new opportunities.
Taking Marsh’s place as CEO will be onefinestay co-founder Evan Frank, effective on Sept. 15. Frank will report to Steven Daines, CEO of HotelServices Northern Europe & Russia and a member of AccorHotels’ Executive Committee, who will be Chairman of onefinestay.
The company, which employs more than 700 people around the world, was recently purchased by Paris-based AccorHotels for approximately $168 million in April.
The addition of onefinestay to AccorHotels’ growing portfolio of brands augmented the company’s desire to expand within the sharing economy sector by expanding the company to 40 more cities over the next five years while growing revenue tenfold.
Neither onefinestay, nor statements from Marsh or Sebastien Bazin, CEO of AccorHotels, have noted the acquisition as a reason for Marsh’s departure.
In a statement, Marsh said, “I am more than confident about the future of onefinestay. AccorHotels is a natural partner and a strong advocate for the potential of our business model. It has been the greatest privilege to work with the fantastically talented team which has made onefinestay so successful. AccorHotels has a clear vision for how it wants to build the business in the next phase of its development, and I have full confidence in the management team I leave behind me to fulfil that vision.”
Bazin said in a statement, “Greg has done an extraordinary job as CEO over the last seven years, devising and creating a brand recognized for innovation and service excellence, and scaling the business into five international markets. We are grateful for his continued support through the transition period. We are committed to building on Greg’s work over the coming months and years, to deliver on our distinctive vision for how onefinestay can define and dominate its category.”
Marsh has been outspoken and passionate about his views on hospitality. In July, Marsh sat down with Skift and said, “The full-service hotel is dead.”
In that same interview, when asked if he was concerned that the Accor acquisition would fundamentally change how onefinestay operates, Marsh said, “In one respect, I hope it does change the profile of the company because we have a lot of money in the bank, and we can now go scale up faster. That’s exciting. I think what you’re really asking is, ‘You run a big company, you’re a small entrepreneur of that company. Does the big company behavior crush the life out of a small entrepreneurial business?’”
Onefinestay also named Keyvan Nilforoushan as Deputy CEO.
In the same press statement, Marsh said of new CEO Evan Frank: “I’m delighted to see Evan take the reins. Having worked closely with him since the start of onefinestay, there is nobody better equipped to lead the business in the next phase of its growth.”
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Photo Credit: Greg Marsh, co-founder, chairman, and CEO of onefinestay is leaving the company, effective Sept. 15. Onefinestay / onefinestay