Worldwide: AccorHotels’ home-sharing business Onefinestay was left seeking its fourth CEO in two years following Javier Cedillo-Espin’s decision to leave.
Cedillo-Espin has now taken up the same position at the Paris and Tel Aviv-based serviced apartment platform Sweet Inn. On his departure, he said he was “always looking for the next innovative concept” and added he “felt ready to pursue a more entrepreneurial path and help grow a business at this stage”.
He was appointed CEO of Onefinestay in February 2017 after the departure of previous incumbent and co-founder Evan Frank. During his tenure, Cedillo-Espin helped the luxury private rental platform to grow from having 2,000 homes in 12 markets to having over 10,000 in 200 global destinations.
Much of that growth could be attributed to AccorHotels’ acquisition of Travel Keys and Squarebreak, two other alternative accommodation brands. Cedillo-Espin meanwhile previously served as chief integration officer at the same time as AccorHotels’ acquisition of Fairmont Raffles International.
However, in recent years Onefinestay has faced financial struggles after AccorHotels purchased the company in 2016 for $168 million. Later that year, it posted losses of $37.3 million and then earlier this year, AccorHotels wrote off $288 million from its investments in Onefinestay as well as concierge service John Paul.
Consequently, AccorHotels has appointed Thomas Girard as the new CEO of Onefinestay, with the aim of maintaining its presence in the private accommodations space.
AccorHotels deputy CEO and chief financial officer Jean-Jacques Morin said: “Our strategy has not changed. We want to do that with private rental and we want to move ahead with John Paul.
“And at this stage, it’s too early to tell you what our solution is, but that’s what they would say at that point. The other thing that I would like to highlight, as you know, is that despite being small numbers, this is important for us,” he added.