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Airbnb disables instant book functions to halt lockdown retreats
Reading Time: 2 minutesUK: Airbnb has switched off its ‘instant book’ function and blocked all private room bookings for the foreseeable future in the UK in response to a national report which revealed short-term rental hosts were using the platform to offer Covid-19 ‘retreats’ despite the nationwide lockdown currently in place. A report published by the BBC highlighted […]
Airbnb receives $1bn funding injection to fend off Covid-19 fallout
Reading Time: 3 minutesUS: Airbnb is to receive $1 billion [£816 million] in investment from California-based Silver Lake and San Francisco’s Sixth Street Partners to help the embattled company deal with the fallout from Covid-19. The substantial financial injection, made up of debt and equity securities is in line with CEO and co-founder Brian Chesky’s announcements last […]
Reaction to Brian Chesky announcements: what may the future hold for Airbnb?
Reading Time: 5 minutesUS: In response to the ire of hosts and guests alike since it first started implementing its Covid-19 support measures, Airbnb CEO Brian Chesky recorded an impromptu video call last week, which generated a mixed response from the global short-term rental community. In the call, Chesky apologised to its host community and suppliers for abruptly cancelling […]
Airbnb lowers internal valuation to $26bn amid drop in bookings
Reading Time: 2 minutesUS: Airbnb has reportedly lowered its internal valuation by 16 per cent to $26 billion as a result of the global lockdowns and restrictions on mobility caused by Covid-19, sources familiar with the matter told Reuters. At the time of its last funding round in September 2017, when it raised $1 billion, Airbnb had a […]
Airbnb considering convertible note debt solution
Reading Time: 2 minutesUS: According to reports by Bloomberg News, Airbnb is discussing using a convertible note in order to help combat future debt issues. The strategy is a way for companies in need of liquidity to acquire funds without overwhelming their debt capacity. A convertible note allows investors to convert a debt obligation into equity at any […]
Scottish short-term rental owners fight to keep properties open
Reading Time: 2 minutesUK: Four Edinburgh Landlords using short-term rental platform Airbnb have gone to the Scottish government with a request to stay open. The group are protesting a ruling that the location and high turnover causes disturbance to the area’s residential character. Edinburgh council initially told the owners to remove the listing in January. They have claimed […]
Airbnb to set up $250 million host support fund
Reading Time: 2 minutesUS: After fielding criticism that its refund policy leaves hosts to burden too much of the cost, Airbnb is providing $250 million to support hosts. The company hopes to offset losses caused by coronavirus cancellations to their host community across the globe. The payment applies to those suffering from cancellations made between 14-31 March, the […]
Airbnb plans to pause hirings and marketing to save $800m a year
Reading Time: 2 minutesUS: Airbnb is preparing to pause its entire marketing expenditure for the duration of the COVID-19 pandemic, in a move that would reportedly share the home-sharing platform a sum of $800 million a year. As the company’s losses continue to soar, Airbnb is having to find alternative ways to plug the financial gaps at a […]
Former London Airbnbs return to traditional rentals
Reading Time: 2 minutesUK: With the global pandemic bringing travel to a near halt, the London Airbnb market is returning to traditional rentals. Rightmove reported a 45 per cent year-on-year increase on new rental listed for the week beginning 16 March, when understanding of the impacts of the coronavirus were starting to be realised in Europe. According to […]
Airbnb to expand medical housing programme worldwide
Reading Time: 2 minutesWorldwide: Airbnb has announced its intent to expand its medical support programme across the world. The programme, currently active in Italy and France, connects medical workers fighting the Covid-19 outbreak with hosts offering temporary housing. Airbnb hopes to provide full housing for the 100,000 professionals caring for the infected while allowing them to maintain self-isolation. […]