Hotels Finally Embrace Homesharing: Now What?
Photo Credit: A home listing from Onefinestay. Parent company AccorHotels has struggled to make its investment in the luxury homesharing platform profitable since acquiring it in 2016. Onefinestay/AccorHotels
Skift Take
Just as challenging as it is for Airbnb to offer more hotel-like options, it seems in some ways even more daunting for hotel companies to start offering more Airbnb-like accommodations.
What traditional hotel companies once dismissed or derided, some are now welcoming with open arms. But not all hotels are finding it easy to embrace homesharing, or incorporate it into their business plans.
One of the earliest adopters, AccorHotels, has struggled to turn a profit from its $169 million acquisition of luxury home rental platform Onefinestay. Two years after buying it in 2016, AccorHotels most recently wrote off its investments in the business, but remains determined to keep it as a part of its portfolio.
In August 2017, Hyatt Hotels & Resorts, which had previously invested in Onefinestay, tried its luck with another “home meets hotel” platform called Oasis, which AccorHotels had also invested in previously. But by October, 14 months after its initial investment, Hyatt found itself abandoning Oasis, and Oasis found itself a new home with Vacasa, a vacation rental property management company.
Earlier this year, Marriott International embarked on its first
