Andrea Felsted, Columnist

The Hotel Strikes Back

Europe's biggest hotelier is trying to fend off online competition

April 5, 2016 at 10:51 AM UTC

Andrea Felsted is a Bloomberg Opinion columnist covering consumer goods and the retail industry. Previously, she was a reporter for the Financial Times.

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If you can't beat them, join them. That's the message from Accor's purchase of Onefinestay, an upmarket competitor to Airbnb.

Accor agreed on Tuesday to buy the company, which lets homeowners rent out their property to paying guests, for 148 million euros ($168 million), and will invest 64 million euros more to expand the service internationally.