Airbnb rivals get chain backing
Home-sharing start-ups that rival Airbnb are being backed by some of the big hotel chains.
Hyatt Hotels is reported to be among a group of investors to join a $40 million fundraising round for UK-based onefinestay while Wyndham Hotels has invested a rumoured £7.5 million in London-based LoveHomeSwap, a subscription service that allows homeowners to swap their homes.
InterContinental Hotels Group also announced a partnership with Stay.com, an Oslo-based group in April.
As it emerged last week that Airbnb was on the verge of raising $1.5 billion at a valuation of $24 billion, the San Francisco-based company stressed it had no formal partnerships with hotel brands, but they are free to list rooms through its site.
But Sébastien Bazin, Accor’s CEO, recently admitted it was a mistake not to have become an investor in Airbnb in the past.
onefinestay has announced the completion of a $40 million growth financing round, bringing the company’s capital raised to more than $80 million to date, including participation from investors including Intel Capital and Quadrant Capital Advisors as well as global hospitality brand Hyatt Hotels.
This financing will support onefinestay in its ambition to create the ultimate experience of boutique hospitality through a series of service delivery, e-commerce and technology developments to enhance the company’s offering for guests and homeowners; initiatives to grow the company’s global presence; and investments in training and recruitment capabilities that are central to onefinestay as a people-led business.
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