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Hyatt Hotels Joins Sharing Hotel Economy

The hotel industry is making at least some sort of nod to the home-sharing economy that has been growing by leaps and bounds.

According to a Tuesday (July 21) report by Business Insider, none other than hotel giant Hyatt Hotels is joining a pilot program with Onefinestay through which house renters can “freshen up” at the chain’s Hyatt Regency London – The Churchill. The services through the hotel are available if those customers arrive early for their home rentals, the site reported, in turn citing travel news platform Skift.

Onefinestay, a startup based in the U.K., has been referred to as the “Airbnb for the rich” and lets luxury location owners rent out their properties (usually apartments) while they are elsewhere. The company’s CEO, Greg Marsh, told Business Insider that the typical demographic served is an “American family coming in from a coastal city in the U.S. to stay in a three-bedroom house in Notting Hill for 10 days over the summer.” And through the pilot program with Hyatt, that family will have a place to recuperate from their travels and stow their luggage should they arrive early for their real vacation, according to Business Insider.

Hyatt has deeper ties with the U.K. startup, having been one of the investors in Onefinestay’s latest $40 million fundraising round last month. 

Business Insider stated on Tuesday that the pilot program represents the first step of a hotel company looking to link up with the home-sharing economy. And the partnership could be a boon to the young industry as it tries to capture at least some mind share among corporate travelers. As the site noted, Airbnb, which would be considered among the marquee names in the apartment-share space, has been looking to grab interest among business travelers.

 

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New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.

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