Onefinestay heads to the Hamptons

London-based hospitality startup eyes 40 new markets in five years

New York /
Feb.February 15, 2017 07:00 AM

Hospitality startup Onefinestay is going to the Hamptons this summer.

The company — a high-end rival to Airbnb that offers hotel services to hosts and travelers — is launching a portfolio of vacation homes in the East End, the first in a series of new leisure markets it plans to roll out this year, the company said.

Collections will be a hand-picked portfolio of vacation homes that Onefinestay is selecting in partnership with Bespoke Real Estate TRData LogoTINY, a residential brokerage in the Hamptons that specializes in properties valued at $10 million and up. Among the listings is a six-bedroom unit on Ocean Road in Bridgehampton that’s asking $241,077 for a 30-day stay. Looking for something swankier? There’s also an 18,000-square-foot Southampton estate on eight acres that’s available for $1.9 million for the month.

In addition to the Hamptons, onefinestay will expand Collections to Southern California, the French Riviera and Edinburgh.

The expansion comes several months after onefinestay was acquired by France’s AccorHotels for $170 million. At the time, AccorHotels said it would pump another $73 million into the six-year-old startup to grow its footprint to 40 cities over the next five years.

“We’re accelerating our rate of expansion by quite a bit,” said CEO Evan Frank, who is based in New York. “We imagine that a lot of that expansion will happen in Europe and the U.S.”

The new markets will be a “stone’s throw” from Onefinestay’s core cities, which include New York, London, Paris, Los Angeles, Miami and Rome. Onefinestay has 2,100 listings, including 400 in New York.

Frank said customers were increasingly asking to rent properties in both leisure destinations and cities. “So this is a way to offer more breadth of choice and locations,” he said.

In the Hamptons, Bespoke’s Michael Cantwell said the partnership would benefit his firm in several ways — by enabling it to offer clients Onefinestay’s “concierge level of service” and by expanding Bespoke’s network of potential renters.

Onefinestay, which raised $80 million from investors, including Hyatt Hotels, before being bought by AccorHotels, entered the New York market in 2012. Since 2015, it’s been partnering with local agents to tap into their client base.

Despite New York City housing laws that prohibit sublets of less than 30 days, short-term rentals are a big part of the city’s residential market.

Nationally, Airbnb has gone head-to-head with lawmakers and interest groups around the country who oppose its business. In December, the home-sharing company, which is valued at $30 billion, withdrew a lawsuit against New York City for passing a law that could hurt its chances of expanding.


Related Articles

arrow_forward_ios
Paul Manafort sells Bridgehampton “teardown” above $10M ask
Paul Manafort sells Bridgehampton “teardown” above $10M ask
Paul Manafort sells Bridgehampton “teardown” above $10M ask
Sheldon Solow and the Hamptons estate (Getty, Douglas Elliman)
Sheldon Solow’s Hamptons home gets $10M price cut
Sheldon Solow’s Hamptons home gets $10M price cut
Rendering of the Peconic Bay Vineyard in Cutchogue with Stefan Soloviev (Wikipedia, Glen & Company Architecture)
Ex of Sheldon Solow’s son has North Fork development dreams
Ex of Sheldon Solow’s son has North Fork development dreams
Ford estate fetches $105M, a Hamptons “record” but far below ask
Ford estate fetches $105M, a Hamptons “record” but far below ask
Ford estate fetches $105M, a Hamptons “record” but far below ask
School and office reopenings led to fewer reservations at the end of summer. (iStock)
Hamptons rental market had strong summer, begins to cool
Hamptons rental market had strong summer, begins to cool
270 W Montauk Hwy, Hampton Bays, NY (Loopnet)
Legendary Hampton Bays bar up for sale
Legendary Hampton Bays bar up for sale
Dick Cavett and the property in Montauk (Compass, Wikipedia)
Dick Cavett sells estate for $24M in priciest Montauk deal this year
Dick Cavett sells estate for $24M in priciest Montauk deal this year
Just-sold Shelter Island hotel borrows $17M for transformation
Just-sold Shelter Island hotel borrows $17M for transformation
Just-sold Shelter Island hotel borrows $17M for transformation
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...