UK: Mandarin Oriental Hotel Group has led a funding round into luxury holiday home rental membership firm Stay One Degree.
The funding round, for an undisclosed sum, was led by a strategic investment from the hotel group and will enable Stay One Degree to accelerate the expansion of its global accommodation portfolio and move into new markets.
The cash raised will go to developing a mobile app, new website, online concierge service and collaborations with global luxury brands. The companies will look for opportunities to work together and develop a range of curated luxury experiences, as well as allowing customers “exclusive access, privileged benefits and superior recognition across the combined portfolio of destinations offered by both brands”.
Launched two years ago, Stay One Degree offers more than 3,500 homes in 250 destinations to members in over 70 countries. Properties range from the boutique and quirky to €40,000-a-night villas complete with spas, home cinemas and teams of staff.
Co-founder Thomas Bennett said: “We are absolutely thrilled to have closed this Series A funding round and have a new strategic partner and shareholder in Mandarin Oriental, which in my mind is the most luxurious hotel brand in the world, offering legendary service standards and impeccable attention to detail. We share their core values and obsessive focus on offering our members a unique experience whenever they stay in our homes.”
Fellow co-founder Jorge Munoz added: “With the boundaries between luxury holiday homes and hotels becoming increasingly blurred and the needs of the luxury traveller constantly evolving, we are delighted to be partnering with Mandarin Oriental, bringing together our two luxury brands via a strategic partnership. Customers of Mandarin Oriental have for decades enjoyed incredible, personalised service and we look forward to learning from their wealth of expertise in the luxury segment as well as offering a unique and unrivalled range of luxury accommodation and experiences to customers of both brands.”
Mandarin Oriental chief executive James Riley added: “We look forward to working closely with Tom and Jorge as they expand their exceptional offering of wonderful homes and services to discerning global travellers. We see definite opportunities for our brands to collaborate together and look forward to exploring ways to introduce new luxury experiences that combine the best of both brands.”