OneFineStay.com is a home rental agency for luxury homes in London, Los Angeles, New York and Paris with an average market price around $2 million. Recent industry news indicates Hyatt Hotels participated in a $40 million investment in the business last year.
One Fine Stay launched in 2010. The idea came to co-founder Greg Marsh while walking through the Mayfair area of London one evening and seeing most of the homes had no lights on and appeared unoccupied.
People with money travel. This leaves many unoccupied homes at any given time.
I checked OneFineStay for one week in July and nearly 300 properties were available in four cities. When I checked a week in November 2015, there were more properties for London and Paris and fewer properties for Los Angeles and New York.
July 6-13, 2015
London = 135 properties
Los Angeles = 45 properties
New York = 58 properties
Paris = 51 properties
One Fine Stay had 135 London properties listed for July 2015 rentals.
OneFineStay.com rental on Grosvenor Street, Mayfair, London at $360 per night. Standard Rate at $2,523 ($360/night) for a seven-night stay allows cancellation up to 14 days before arrival for a 50% refund. Flexible rate at $2,993 ($428/night) allows cancellation with full refund, minus a service fee, up to 48 hours before arrival.
Guest receives an iPhone to use for the stay.
I wrote an article last week about the Airbnb effect on midscale lodging and I suggested Airbnb is partially responsible for the recent enhancements improving the value of hotel points in Choice Privileges and Wyndham Rewards hotel loyalty programs. I also suggested the impact of Airbnb may play a role in the reduction of prices in the upper upscale hotel market in the future.
Loyalty Traveler – Airbnb effect makes 2015 year of the midscale and economy hotel chains (May 18, 2015)
Looks like Hyatt Hotels is making a proactive move to become part of the upper upscale home rental market with their $40 million investment in OneFineStay.com.
$300 to $400 per night is not cheap for a nightly rental through OneFineStay, but likely cheaper than staying at a London Hyatt hotel with more room to spread out as a family rental or short term business rental property in London.
The real game changer will come if Hyatt Gold Passport sets up an earning and burning scheme with OneFineStay.com to bring home rentals into the realm of hotel loyalty programs.
Herald Citizen – Hyatt Hotels Makes Investment in Home Rental Startup (May 24, 2015)
Article update May 25, 2015: Originally this article stated Hyatt invested $40 million in OneFine Stay. Hyatt was part of a $40 million investment round.