AccorHotels Asia Pacific Chairman and CEO Michael Issenberg believes the sharing economy market has definitely had an impact on the hotel chains profitability, especially in high demand times when we hotels are normally able to drive their yields. The sharing economy has contributed to taking the top off the available profits by offering more options to consumers at discounted rates.
Mr Issenberg confirmed the hotel chain is responding relatively aggressively to the sharing economy by purchasing a number of companies that are in the private rental business. AccorHotels acquired onefinestay, a highend hospitality company specialising in luxury serviced Home rental in key worldwide gateways, for EUR148 million (USD174.1 million) and a further commitment of EUR64 million (USD 75.3 million) to help the company scale internationally. onefinestay is a leading brand in the luxury segment of the Serviced Homes market, launched predominantly in Europe and North America, with plans to come to Asia Pacific.
Recently, the Blue Swan Daily caught up with Mr Issenberg to discuss exactly this, on the side lines of the CAPA Australia Pacific Aviation & Corporate Travel Summit in Sydney.
Mr Issenberg also delivered a keynote address at the conference which can be found below: