Accor's strong brand and new leadership are being used by luxury short-term rental company Onefinestay to strengthen its market position in important locations. Historically seen as budget-friendly alternatives to hotels, short-term rentals have now become dominant players in the luxury hospitality sector. Occupancy rates for upscale vacation rentals rose from 49.1% in 2019 to 55.9% in 2023, according to AirDNA, reflecting the growing appeal of the "home away from home" experience among luxury travelers.
Under the direction of its new leadership group, Onefinestay seeks to capitalize on this momentum by selectively concentrating on popular travel locations. The company's dedication to expansion and quality is demonstrated by the recent employment of five C-suite executives. Spokesman Guiol for the company stressed, "We now have a team that has the required breadth, knowledge, and experience to grow our business while delivering a best-in-class experience for our guests."
The brand is concentrating on select destinations known for their high demand and potential for exceptional guest experiences. These include London, Paris, Los Angeles, Italy, the Caribbean, and Costa Rica, an emerging luxury destination. With the Paris Olympics on the horizon, Onefinestay is particularly focused on expanding its presence in the French capital.
Onefinestay’s Net Promoter Score (NPS) is among the highest in the industry and continues to rise, aligning with the standards of ultra-luxury hotels. As part of its future vision, the company is developing its Residence Hotels project, which aims to merge private residences with luxury hotel services. These properties will consist of a curated collection of apartments and villas operated as hotels, providing guests with the experience of refined residential living.
Adapting to changing short-term rental laws is another key focus for Onefinestay. In response to new regulations in cities like New York, which restrict rentals of less than 30 days unless the permanent resident is present, the company has shifted its focus to longer stays or "medium-term rentals." This strategic pivot allows Onefinestay to continue offering premium accommodations while complying with local laws.
Looking ahead, Onefinestay is determined to solidify its leadership in the luxury private rental market. The brand aims to elevate standards in quality, technology, and guest experiences. Guiol stated, “Onefinestay was one of the first players in this segment, and we continue to be a market leader. We hope to be seen as an industry benchmark in terms of quality, technology, experiences, and the overall guest experience.” By capitalizing on its new leadership and strategic initiatives, Onefinestay is poised to reinforce its position as a leader in the luxury short-term rental market, setting new standards for excellence in the industry.
