AccorHotels has taken a 30% stake in Miami-based Oasis Collections, a marketplace for private rentals, for an undisclosed sum.
The French hotel giant is believed to be the first large traditional hospitality company to take a meaningful position in an alternative accommodations business, signifying an evolution in the hospitality and travel industry as a whole.
The funding will accelerate Oasis’ global footprint, expanding from 17 markets to 30 in the US, Europe, Latin America, and Asia by the end of the year, reaching more than 50 by 2018.
The partnership with AccorHotels will also provide Oasis access to powerful distribution and sales networks as well as global infrastructure, particularly in Europe.
Oasis Collection previously raised more than $20 million in funding.
Oasis initiated an aggressive expansion strategy last summer, opening simultaneously in New York, Los Angeles, Paris, London and Barcelona. Further expansion is planned in Austin, Texas; Madrid; Mexico City and Milan by June.