AccorHotels Takes $288 Million Hit on Onefinestay and John Paul Investments
Photo Credit: A Onefinestay property in Rome. Owner AccorHotels has struggled to integrate the business. Onefinestay
Skift Take
Uh oh! Is this the start of Accor's ambitious acquisition strategy unraveling or simply a bump in the road?
AccorHotels’ ambitious strategy to buy up companies across the travel space has suffered a setback after it wrote off $288 million (€246 million) from two of its marquee investments, Onefinestay and John Paul.
The company had previously hinted that all was not well in its New Businesses unit, but has waited until now to reveal the scale of the problem.
Accor said its expansion plans for home-rentals platform Onefinestay and concierge service John Paul relied on finding “synergies and scaling plans” with its hotels business and these had “not
