Hyatt invests in home-rentals firm
Hotel operator invested in $40 million financing round in London-based Onefinestay.
Hyatt Hotels Corp. invested in onefinestay, a closely held company that enables travelers to rent upscale private homes, the rare instance of a major hotel operator aligning with the burgeoning home-rental industry.
Onefinestay matches homeowners looking to rent their residences in London, New York, Los Angeles and Paris with travelers. It manages a portfolio of more than 2,500 homes with a combined value of more than $5 billion, said the company.
It is unclear how much Hyatt invested in onefinestay, but a person familiar with the matter said it was part of a nearly $40 million round of funding that was completed at the end of last year.
Onefinestay Chief Executive Officer Greg Marsh declined to discuss Hyatt’s relationship with his company.
In a statement, a Hyatt spokeswoman 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.”
Last fall, Hyatt sold for about $220 million a time-share operation with units in states like Florida, Arizona and Colorado. The company doesn’t view that business as the same as onefinestay’s urban home-rental operations.