|Airbnb enters luxury travel market
The online accommodation company Airbnb is moving into the luxury travel market. Its CEO announced a big change in its business model. He wants richer people to use Airbnb. The company will offer new places to stay, like vacation homes and boutique hotels. Airbnb has over four million rooms on its site in 81,000 cities and 191 countries. It has had over 260 million reservations since it launched nine years ago. Airbnb hopes to increase this to more than one billion by 2028. The CEO said: "Airbnb is still an alternative…not for everyone." 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 rooms or homes, and travelers looking for cheaper, more homely places to stay. The company makes money from booking fees. It will now offer luxury accommodation, restaurant reservations and adventure travel. It will also offer "unique spaces," like yurts – the large, round tents that are home to many people in Mongolia. Airbnb's new "Beyond" option will offer travelers "full-on luxury stays" that include "some of the world's nicest homes".