London: Buckingham Palace, the official London residence of Queen Elizabeth II, could earn £1,034,291.43 a day if it were listed on Airbnb, according to calculations by Airbnb management company, GuestReady.
The figure was estimated by GuestReady to demonstrate how much the head of the Royal Family could profit if she rented out the palace’s rooms via the short-term rental platform.
Buckingham Palace has 775 rooms, which includes 19 staterooms, 52 royal and guest bedrooms, 188 staff bedrooms, 92 offices and 78 bathrooms. The overall figure represents the rent price for one day in the palace’s premises, including access to the property’s garden and facilities.
The calculations were made by taking into account the daily rental rate of properties in the surrounding area around Buckingham Palace. GuestReady’s estimated figure is based on prices of office and events spaces, flats and hotel suites that provide a similar level of luxury that one would expect to get at the palace.
In addition, GuestReady accounted for the fact that with the high number of luxury facilities offered at the palace, such as a private movie theatre, indoor swimming pool, post office, or medical centre, the daily rates would increase by approximately 50 per cent.
According to GuestReady’s numbers, a one-night stay in one of the 52 Royal bedrooms would be £3,570, while those sticking to a budget at Buckingham Palace could stay in one of the staff apartments on a significantly cheaper amount for £284 a night in comparison.
Meanwhile, renting out the banquet room, which seats 160 guests, would require a payment of £16,000.
Those expecting more guests could hire out the palace’s garden, where around 8,000 people are usually invited to the royal garden celebrations. The palace’s garden, which covers 40 acres and includes a helicopter landing area, a lake and a tennis court, would have an estimated rental price of £400,000 for one day.
Steffan Maagefelt, UK country manager at GuestReady, said: “Who never imagined what it would be like to stay as a guest at Buckingham Palace? Millions of people around the world are fascinated by the British Royal Family, so we thought we’d crunch the numbers to give them a bit of a glimpse of how much one of the most famous properties in the planet would go for if listed on Airbnb.
“Even though travellers are still not allowed to book the palace as their next holiday accommodation, there are still plenty of amazing properties in London they can book through short-term rental platforms,” he added.
Owing to rising guest expectations, Airbnb hosts are increasingly engaging short-term rental management companies such as GuestReady to take care of their properties.
With GuestReady, hosts have amenities included such as 24/7 support on guest communication, personalised welcomes, concierge services during guest stays, hotel quality linen and towels, and more. This high-level of service leads to more positive reviews and secures the long-term success of properties, while the same service is offered for properties listed through Booking.com and HomeAway.
Headquartered in London, GuestReady is currently present in six countries across Europe and Asia. It provides Airbnb management services to luxury rental hosts in London, Manchester, Edinburgh, Paris, Cannes, Porto, Lisbon, Dubai, Kuala Lumpur, and Hong Kong.
Launched in 2016, GuestReady uses technology to enable its personalised style of property management. Last year, the company won the award for “Best Service Provider” at the 2018 Serviced Apartment Awards and it was short-listed again this year in the same category.
For more information, visit the GuestReady website here.