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Accor to buy onefinestay for €148m

Accor agreed on Tuesday to buy the company, which lets homeowners rent out their property to paying guests, for €148 million, and will invest €64 million more to expand the service internationally.

The move is aimed at fending off competition from Airbnb -- which has flooded the market with extra rooms -- as well the increasing might of the online booking agents, which demand a share of revenue in return for listings on their sites.Onefinestay, which offers apartments in London’s trendy Shoreditch district for £245 a night, will help CEO Sebastien Bazin to keep on expanding his growing luxury business.

Accor classes about 16 per cent of its rooms as luxury and upscale, and in December, the hotelier agreed to pay $2.9 billion for the Fairmont and Raffles chains. By contrast, the Onefinestay deal is tiny. The purchase price is just 4 per cent of sales. (Accor didn’t provide any financial statements for Onefinestay.)