5-speed listening (Luxury Travel - Level 1)

Airbnb enters luxury travel market






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The online company Airbnb is moving into the luxury travel market. Its new business model will try to attract richer people. It will offer new places to stay, like vacation homes and boutique hotels. Airbnb offers over four million rooms in 191 countries. It has had over 260 million reservations since it started nine years ago. It wants to increase this to more than one billion by 2028. The CEO said Airbnb is still an "alternative". He wants it to be for everyone.

Airbnb does not own any properties. It is a broker between property owners who want to rent out their homes, and travelers looking for different places to stay. The company makes money from booking fees. It will also offer adventure travel and "unique spaces," like yurts - the large, round tents in which many people in Mongolia live. Airbnb's new "Beyond" option will offer travelers "full-on luxury stays" that include "some of the world's nicest homes".

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