A hotel giant is getting behind the short-term rental movement

The hotel industry has fought short-term rental companies like Airbnb tooth and nail. But, in a rare move, Hyatt Hotels has aligned itself with what some might perceive as a rival.

Hyatt has invested in onefinestay, a short-term rental company that matches travelers with luxury homes. While it is unclear preciecly how much Hyatt invested, a source told the Wall Street Journal that the investment “was part of a nearly $40 million round of funding that was completed at the end of last year.”

Onefinestay works with upscale homeowners in London, New York, Los Angeles and Paris. It manages a portfolio of more than 2,500 homes with a combined value of more than $5 billion, according to the Journal.

Onefinestay CEO Greg Marsh declined to comment on his relationship with Hyatt.

A Hyatt spokesperson said in a prepared statement that 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.” [WSJ] – Christopher Cameron