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<br /> Hyatt InvestsFirm
<br /> n Name -
<br /> I�ent�I Hotel chain is joining a -
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<br /> . .q its core
<br /> financing " " '�- �. Pe Staff on urban business.
<br /> z -� x —_ .. from onefinestay greet
<br /> round for U.K.-based tom , y visitors when they arrive at the
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<br /> onefinestayhome and
<br /> bookingfirm ., � �. � `., ' ,-,-.--,-,-,1,,,,,,-,:-.47,-A.-0--7::,,,,..---%.*,:---� � ' provide them with a
<br /> ' t. a $w .. "; 24-hour hotline in case they get
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<br /> BY CRAM KaRhntx . home
<br /> -`_ ,`` , a � ' "; goes wrong. withfstay
<br /> .� , • i homes are stocked fresh
<br /> Hyatt Hotels Corp. invested j,, 1 ir,i ist , ,;; linens and towels,and an iPhone
<br /> in
<br /> Hyatt
<br /> estay, a closely held - i . ; •. 3 preloaded with apps recom x`. .r
<br /> company that enables travelers 1 s. - � j local
<br /> gior
<br /> to rent upscale private homes, ',r t 'restaurants
<br /> �,,r 3,,,,,..; _ 4 , and attractions.
<br /> the rare instance of a major ho '`�"' � t �� '" , > 4�`
<br /> tel operator r The averagervalue ofst the ; __'
<br /> aligning with the ai :,* homes than
<br /> million,Mr.Marshis
<br /> burgeoning home-rental indust- ";.-Iv , more than$2 Mz ok
<br /> �• "` � °x � � • `_ said.It appeals to travelers look-
<br /> Onefinesay matches home- . ing for longer visits of several',
<br /> owners looking to rent their e- 4. 'y --...„ days or even months."Our busi-
<br /> owners in London, New York ,`-' . A ,I.,,,,`'?.,..`'.' ness is a hybrid between an on-
<br /> Los Angeles and Paris with tray- r . 4i.� ._ • t line marketplace and the sort of
<br /> elers. It manages a portfolio of $ _
<br /> more than 2,500 homes with a hospitality service you might get
<br /> - behind the scenes of a luxury
<br /> combined value of more than$5 hotel,"Mr.Marsh said.
<br /> Miami-
<br /> billion,said the company. , Oasis Collections, a It is unclear how much Hyatt r" `". based high-end home-rental
<br /> invested in onefinestay but a ; fes, also
<br /> person familiar with :` --.4 Y ` expanding into the
<br /> the matter �: inU.S.Latin and Europe after launching
<br /> said it was part of a nearly$40 .- .
<br /> R ..'fir in America
<br /> million round of funding that , Luxury Retreats, based in
<br /> was completed at the end of last, {. Montreal,Canada,offers a simi-
<br /> year. #.`�' `� ' lar product to affluent jet set
<br /> Onefinestay Chief Executive .•�', travelers for homes in Europe,
<br /> Officer Greg Marsh declined to t*..,.» i '°. I Asia and the Americas.Listings
<br /> discuss Hyatt's relationship with f.,-gt.,,,.-0- tri^-ra,, j°': average from around $2,000 a
<br /> Ms company. q x night and range
<br /> In a statement, a Hyatt �� 'T);.lit}`. t, , i from $200n a
<br /> ,. ' ;' night in Costa Rica to billionaire
<br /> ratingspokeswoman said it is"collabo- , 4,.<; F# , _ Richard Branson's bean, Necker
<br /> with onefinestay" and I „ , Island in 0 the Caribbean,offered
<br /> that it will "continue to test a ��„,''e�" .� � at$60,000 a day.
<br /> l
<br /> variety of offerings,work with a w x �,` ;„, , # ,.,s£ g The esgmayd ho the face
<br /> number of companies and make r '"` ' ' companies may find they face
<br /> lnvestrnents to continue innovat .- some of the same legal chal-
<br /> ing the guest experience." r... Y. ^' r W lenges as c , pAirbnb. In New York,
<br /> Last fall,Hyatt sold for about Ona I: for instance, politicians have
<br /> $220 million a timeshare opera astable of upscale es short-term rental said that many Airbnb hosts run
<br /> tion with units in states like Hyatt's stake in onefinestay is for the same customer. afoul of a 2010 state lodging law
<br /> Florida, Arizona and Colorado. the clearest sign yet that a ma- that prohibitsearp people e fromewer
<br /> The company doesn't view that "There will always be people ing their apartments for fewer
<br /> jor hotel operator views the who are price-sensitive but this than 30 days unless the occu-
<br /> business as the same as onefm- home-rental market as a viable doesn't impact our business," pants are also present.
<br /> estay's urban home-rental opera- business. Richard Solomons,CEO of Inter-
<br /> tions.
<br /> "It was only a matter of time Continental Hotels GroupPLC, violation
<br /> la ion f the hostssm could be York
<br /> Onefmestay has a fraction of before one of the hotel operators said in an interview last year. law if they reentire homes for
<br /> the inventory managed by home- broke ranks and
<br /> and vacation-rental firms such with one of the homerd rentalslfounded
<br /> in London,sat aney�econy- less than a month.But with only
<br /> as Airbnb Inc. and HomeAway firms," said Sean Hennessey, pany provides a service closer to the aboct o pa m New York-
<br /> Inc.,which each have more than CEO of Lodging Advisors LLC,a a luxury hotel than the chains cism thny hasn't faced the at Airbnb
<br /> a million listings,according to a New York-based hotel consulting has seen with its
<br /> report from investment bank firm."It's likely that other hotl acknowledge.The companymuch larger New York listings.r
<br /> Evercore Partners. companies will follow." r partners witproperties,h "It's the same politics,"i said
<br /> Hyatt's investment is likely to For the most part,hotel exec- owners
<br /> of pricer ford egues 's but not the same said
<br /> Hud-
<br /> capture the attention of rivals utives have tried to distance stay and price for the the owner
<br /> uerta Max Rayner, a hospitalitypartner such as Marriott International their companies from the home- fee. It also offers a higher level techno technology advisory firm.
<br /> Inc.and Hilton Worldwide Hold- rental startups. They have said of service than the largerCrossing,n didn't comment and
<br /> ings Inc., which hotel consul- these firms aren't competitors rental companies including recttlly on Mhettheer} mpany
<br /> tants say have been monitoring because they don't offer the Airbnb,though that company re- ever rented apartments in viola-
<br /> closely the impact of the home- same security measures and cently said it would be pursuing tion of the law. "Most laws
<br /> rental companies on the lodging quality-control found in hotels more vacation rentals as tighter didn't anticipate a business like
<br /> business. and don't necessarily comr local government controls im ours,"he said.
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