Hyatt breaks ranks and joins Airbnb
Hyatt Hotels Corp has become the first major hotel group to invest in the sharing economy vacation rental business joining companies such as Airbnb and Homeaway.
The company has invested $40 million in Onefinestay, an upmarket rental company that matches homeowners looking to rent their properties in London, New York, Los Angeles and Paris with travellers. It manages a portfolio of more than 2500 homes with a combined value of more than $5 billion.
Onefinestay operates high-end residential homes and provides hotel-style services to the people who rent them – new sheets and towels, a concierge and so on.
A Hyatt spokesperson said it is “collaborating” with Onefinestay and that it will “continue to test a variety of offerings, work with a number of companies and make investments to continue innovating the guest experience”.
Hyatt may be the first but it’s likely that other hotel companies will follow the trend.
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