AccorHotels, the leading hotel operator, has acquired onfinestay, the luxury home rental specialist. Accor is supporting an aggressive expansion of onefinestay into 40 new cities. 

This is the latest example of an old world market leader buying a new world insurgent. We saw this same rationale when Royal Mail acquired NetDespatch. 

The internet M&A market is changing. Previously, the internet leaders were always the highest value buyers. Now, in many cases, it is the old world players who have the most to lose and will pay the highest price to add capability.  We expect to see many more of these types of deals in the future.