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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