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Thursday 23 July, 2020
TOP STORY
Airbnb approached for blank-cheque acquisition company merger
Airbnb CEO and co-founder, Brian Chesky, has revealed the company was approached about going public via a merger with a blank-cheque acquisition company.
If you missed our last newsletter....
1. Airbnb ramps up 2020 IPO plans amid senior reshuffle
2. UK conferences / exhibitions get 1 October green light
3. SAFFAA launches global accreditation registry
4. Join our LinkedIn group here
5. Rented.com reveals top 100 places to buy a rental in 2020
Editor's comment
23•07•20 Welcome to the latest ShortTermRentalz newsletter!
• Though uncertainty still reigns over Airbnb's move to go public by the end of the year, CEO Brian Chesky this week revealed that the company was approached for a merger with a blank-cheque acquisition company, even though it is still weighing up the possibility of an IPO or direct listing.
Speaking to Reuters' Gina Chon and Rob Cox, Chesky candidly admitted that Airbnb had been ready to file for going public on 31 March, but the outbreak of Covid-19 had caused it to lose 80 per cent of its business in six weeks, culminating in widespread layoffs and the company seeking emergency $2 billion funding from Silver Lake and Sixth Street Partners.
His insinuation that there would be a significant "travel redistribution" post-Covid suggests that Airbnb will prioritise going back to its roots and refocusing its business towards connecting guests and hosts, as travellers disperse away from packed city centres towards more private spaces in smaller towns and cities, where they will feel safer. In addition, we can expect to see Airbnb attempt to rebuild its relationship with core cities by striking up more partnerships with destinations and promote them across its platforms.
While Chesky said he was "incredibly optimistic" for the return of travel, the news that staycations this summer are set to generate up to £24 billion for the UK economy will raise hopes among operators that they can recoup their lost revenue quicker than expected and capitalise on surging demand for domestic travel.
Travelodge Holiday Index reported that 80 per cent of the 2000 Brits surveyed were planning to staycation at home rather than venturing abroad, while seaside resorts such as Cornwall, Devon and Bournemouth are currently thriving as the most sought-after destinations. These feed into wider trends where we can expect to see travellers opt for local drive-to destinations over foreign holidays this summer, in case second spikes emerge and travel restrictions have to be imposed.
• Don't forget to register for the next in our Urban Living webinar series, which takes place on Wednesday 29 July, at 14:00 BST, when the panel will be discussing distribution disruption: will the OTAs bounce back?
Joining host and reporter for Boutique Hotel News, Eloise Hanson, will be:
• Ryan Haynes, director, Haynes MarComs
• Michael McCartan, principal, mccartan.tech
• Na'im Anis Payman, chief revolutionary, Zeevou
• Michael De Jongh, CCO, Avvio
Click here to register for the no cost webinar, which is sponsored by APARTBOOK.
If you have a story you want us to tell the industry, please click here and get involved with the community by joining our ShortTermRentalz LinkedIn group here.
Paul Stevens, news editor
paul@internationalhospitality.media
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