Latest news with #AirbnbInc
Yahoo
30-05-2025
- Business
- Yahoo
Airbnb shares dip as Truist cuts stock to Sell on weak summer trends, valuation
-- Shares in Airbnb Inc (NASDAQ:ABNB) fell roughly 2% at market open Friday after Truist Securities downgraded the stock to Sell from Hold due to soft summer leisure trends and concerns over valuation. The brokerage also cut its price target to $106 from $112, warning that both U.S. and European demand appear weaker than investors currently anticipate. 'We believe soft summer leisure trends, both for the U.S. and Europe (difficult y/y comp in Europe due to last summer's events) are not being fully anticipated by analysts and investors,' Truist analysts led by C. Patrick Scholes said in a note. They also flagged valuation as a headwind, noting they 'do not believe the premium valuation multiple vs. other not too dissimilar asset-lite hospitality companies such as Hilton (NYSE:HLT) is fully deserved.' Truist's downgrade is part of a broader recalibration of expectations across the lodging sector, as analysts lower their 2025 Revenue per Available Room (RevPAR) forecasts. The broker sees third-quarter RevPAR down 3% to 1% for U.S. mid and upper-end hotels, below consensus estimates of flat growth. Limited service hotels are expected to perform worse, with RevPAR seen falling between 4% and 2%. The analysts cite a combination of weaker consumer and business confidence, cuts in government travel, and reduced inbound international demand as key factors behind the softer booking trends. While the softness isn't considered severe, Truist said RevPAR is tracking roughly 150 basis points below current Street expectations for the third quarter. 'To be clear, the softness we observe is not anywhere near the demand collapse like what occurred during Covid nor is it GFC-esque but rather RevPAR growth for 3Q and into 4Q simply looks 'soft' to the tune of approx. 150 bps. below current Street expectations,' the analysts explained. Park Hotels & Resorts (NYSE:PK) was also downgraded to Hold from Buy, due to its high leisure exposure—especially in Hawaii—and elevated leverage. Truist said tourism expectations in Hawaii have deteriorated, with the University of Hawaii Economic Research Organization noting that weakness is 'primarily due to actual and threatened U.S. tariff hikes that are much larger than anticipated, as well as adverse effects on increased federal policy uncertainty around trade, immigration, spending and tax cuts.' Despite a stable trend in average daily rates (ADR), Truist warned that the industry's historical tendency to cut prices to stimulate demand during periods of weakness could return if softness continues. Related articles Airbnb shares dip as Truist cuts stock to Sell on weak summer trends, valuation AGCO downgraded as Citi says risk/reward now more balanced Sanofi, Regeneron shares nosedive after mixed Itepekimab results Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
22-05-2025
- Business
- Reuters
Airbnb banks on Tour de France deal to boost French market, eyes luxury experiences
PARIS, May 22 (Reuters) - Airbnb (ABNB.O), opens new tab said on Thursday a new partnership with the Tour de France will boost its rental business across rural France, as it seeks to build on the success of last year's Paris Olympics at a time of lower demand in the U.S. The vacation rental company this month forecast softening demand in its top market as an erratic U.S. trade policy hurts consumer sentiment. Number two market France, however, where locals account for about 70% of bookings, is seeing "very healthy" growth, maybe even faster than the U.S., co-founder and CEO Brian Chesky said in an interview. The three-year contract with the world's most prestigious cycling race will see Airbnb promote rentals along the 3,339 kilometre route, as well as related experiences such as rides with former cyclists, as part of a global expansion strategy. The partnership comes after the platform recorded 700,000 bookings during the four-week period of the Olympic Games, exceeding expectations. It has maintained the roughly 120,000 listings reached in the French capital last year but says it can do more in less populated areas across the country, including many of the stops along the Tour de France. The push comes even as cities such as Biarritz in France's southwest are restricting listings in response to soaring house prices. "When Airbnbs are restricted somewhere, it does have an impact on the business. Obviously, it doesn't grow as fast. And then the other that prices typically go up because a lot of people try to stay in a few homes or a few hotels," Chesky said. In neighbouring Spain, Airbnb is appealing against a government order to withdraw more than 65,000 listings for holiday rentals that were alleged to have violated rules, part of a general crackdown on a business blamed for contributing to the country's housing crisis. Airbnb has said it believes the ministry does not have the authority to make rulings over short-term rentals. More brand partnerships could follow the deal with the Tour de France, especially for luxury experiences, said Chesky. "Wealthy people like to spend money on experiences more than even things," he said. For now, the company is still building up its new services, receiving many thousands of applications a week from people who want to sell a service on the platform. Chesky, who has booked a chef at his Paris Airbnb, is among those testing the new offer but says it will take time to build up.
Yahoo
13-05-2025
- Business
- Yahoo
Airbnb expands offerings with new services, experiences, and redesigned app
-- Airbnb Inc (NASDAQ:ABNB), a popular online platform for vacation rentals, has announced the launch of Airbnb Services, Airbnb Experiences, and a completely redesigned app. The new offerings are aimed at enhancing the overall travel experience for customers, providing them with more than just a place to stay. Speaking to The Wall Street Journal, CEO and Co-Founder Brian Chesky emphasized the launches as a transformative moment for the company, explaining, "Basically, it's the Airbnb of anything." Airbnb Services offers a range of amenities and conveniences, similar to those found in hotels, right at your Airbnb. These services include in-home meals from professional chefs, personalized photography sessions, massages, spa treatments, personal training sessions, hair and makeup services, nail treatments, prepared meals, and full-service catering. The company has launched with 10 categories in 260 cities, with new offerings and locations to be added regularly. The company has ensured that the services are vetted for quality, with hosts having an average of 10 years of experience, having completed Airbnb's identity verification process, and possessing relevant licenses and certifications. Many of the hosts are renowned in their fields, including Michelin-starred chefs, award-winning photographers, and elite trainers. The newly introduced Airbnb Experiences are designed to provide more authentic ways to explore a city. Hosted by locals who are well-versed with their city, these experiences include landmark, museum, and cultural experiences, food tours, cooking classes, dining experiences, outdoor activities, gallery tours, art workshops, shopping experiences, workout, wellness, and beauty experiences. The company is launching experiences in 650 cities around the world and plans to add more daily. Airbnb has also unveiled Airbnb Originals, a collection of extraordinary experiences hosted by the world's most interesting people, designed exclusively for Airbnb. Some of these unique experiences are even hosted by global celebrities. The company has also redesigned its app from the ground up to accommodate these new offerings. The app now suggests services and experiences based on the location of your stay and your companions. It also provides a detailed itinerary, including check-in details and a day-by-day view of everything booked on Airbnb. The redesigned app includes new features like an all-new homepage to discover homes, experiences, and services, an advanced travel itinerary, a revamped messaging platform, and a redesigned Airbnb profile. The app also includes new tools for hosts to manage their home, service, or experience more efficiently. The new Airbnb Services, Airbnb Experiences, and the redesigned app are available starting today. Hosts can access upgrades by enrolling in Airbnb Early Access in the app. Since the announcement, Airbnb stock has gained 2.8%, as investors weigh the company's potential amid this drastic service expansion. Related articles Airbnb expands offerings with new services, experiences, and redesigned app Northland initiates CoreWeave coverage with Outperform rating, sees $80 PT Robinhood surges nearly 10% on WonderFi deal; Mizuho sees Canada growth potential Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
13-05-2025
- Business
- Bloomberg
Airbnb Revamps App With Luxury Services, Curated Tours in Push Beyond Stays
After more than a year of teasing expansion plans beyond home rentals, Airbnb Inc. launched an overhauled app that's not just for homeowners and travelers, but also for personal chefs, hair stylists, trainers and tour operators to offer their services widely. The company, whose name has become synonymous with vacation stays, revealed its new Services offering and relaunched its Experiences tour-booking product at an event in Los Angeles on Tuesday. It's vetted providers to offer 10 categories of in-home services, including personally cooked meals, prepared food items, full-service catering, photography, spa treatments, massages, personal training, hair, makeup and nail appointments. The services can be reserved anytime even without a vacation booked, and many of them include 'an entry offering below $50,' Airbnb said.
Reuters
07-05-2025
- Reuters
Lawsuits test Airbnb's alleged liability in carbon monoxide deaths
May 7 (Reuters) - Sebastian Mejia died in the shower of an Airbnb rental in Brazil in 2022, the alleged victim, opens new tab of carbon monoxide poisoning from a faulty water heater. A Fulbright scholar, the 24-year-old Florida native was studying the country's indigenous communities. That same year, an American woman staying at an Airbnb (ABNB.O), opens new tab in Croatia allegedly shared his fate, as did a trio of American tourists at an Airbnb in Mexico City, a man on a work trip to San Luis Potosí, Mexico, and a Loyola Marymount graduate student at an Airbnb in Guadalajara in late 2021, court records show. None of the properties was equipped with detectors that would have alerted occupants to the odorless, colorless gas, the victims' families' allege in a series of wrongful death lawsuits against Airbnb. As the cases make their way through the courts, they raise questions about the reach of Airbnb's arbitration agreement and whether the short-term rental platform has a duty to protect its users from harm caused by third parties at properties it says it 'does not own, have a right to access, or control.' To find otherwise, Airbnb argues in court papers, opens new tab, would 'radically expand tort liability.' A spokesperson for the publicly traded San Francisco-based company, which reported more than $11 billion in revenue last year, said in a statement that there 'have been over 2 billion guest arrivals on Airbnb, and incidents are exceptionally rare.' The spokesperson added that Airbnb has given away more than 280,000 free combined smoke and carbon monoxide detectors to hosts. On Thursday, Airbnb lawyers from O'Melveny & Myers will face off at a hearing in San Francisco Superior Court against counsel for the widow of José Peñaloza Herrera to argue that the claims fail as a matter of law and should be dismissed. Herrera, a Mexican citizen, had been on a work trip to install machinery at an automotive plant when he died of carbon monoxide poisoning while sleeping in a room that contained a gas-powered water heater and other appliances, according to the complaint. Pedro Echarte, a partner at the Florida-based Haggard Law Firm who represents plaintiff Yessica Garcia Cardenas, argued in court papers, opens new tab that there have been at least 19 deaths due to carbon monoxide poisoning at Airbnb rentals abroad since 2013. Airbnb did not respond to my requests to confirm that number, which Echarte told me is based on news reports of the deaths. By the time Herrera died in December 2022, the company should have known it was a 'systemic problem,' Echarte said, especially at properties in Central and South America, where fuel-burning water heaters that can emit carbon monoxide are more common. Airbnb was 'on notice of repeated incidents of its guests dying' from the gas, he argued, but 'inadequately responded to the danger.' To be clear, carbon monoxide poisoning doesn't just happen at Airbnbs. For example, the teenage son of former New York Yankees outfielder Brett Gardner died of carbon monoxide poisoning in March while staying at a five-star hotel in Costa Rica, authorities determined last month. Assigning liability, however, can be far murkier when travelers rent from a third-party host. The big question: What duty – if any – does Airbnb owe its customers to keep them safe? After a carbon monoxide death of a Canadian tourist in Taiwan, plaintiffs alleged that Airbnb in a 2014 blog post (available here, opens new tab on the internet archive the Way Back Machine) stated it would 'require all Airbnb hosts to confirm that they have (carbon monoxide detection) devices installed in their listing.' That apparently didn't happen, given the subsequent lawsuits. When I asked Airbnb why, the spokesperson didn't provide an explanation. However, if a guest now books a listing where the host doesn't report having a carbon monoxide detector, Airbnb flags it in the booking confirmation, along with a recommendation, opens new tab to bring a portable detector. (You can buy one starting around $25.) Plaintiffs lawyers argue Airbnb should have reasonably foreseen there would be subsequent deaths by carbon monoxide poisoning at properties without the alarms — and should be held liable for negligence and premises liability as a result. 'The tragedy is that these deaths were so easily avoidable,' said James Ferraro, who along with partner Jose Becerra represents Rosa Martinez, whose son Sebastian Mejia died in Brazil. In suing Airbnb, Martinez alleges, opens new tab not just wrongful death — the only cause of action in Echarte's case — but also asserts broader claims including fraud, negligence and breach of fiduciary duty. She also seeks injunctive relief to force Airbnb to remove all active listings without carbon monoxide alarms. Airbnb initially asserted the entire case was subject to arbitration based on its terms of service. On appeal, it eventually withdrew its argument that the wrongful death claims were within the scope of the agreement. In March, the First Appellate District Court in San Francisco split the case, sending the portion seeking survivor benefits — relief for claims such as fraud that would have belonged to Mejia and passed to his successors in interest — to arbitration. However, the court ruled, opens new tab the wrongful death claims could be tried in court, as could the claim for public injunctive relief. Left unanswered: What if there are inconsistent rulings in the two forums? Last fall, a federal judge in San Francisco faced a similar dilemma in a lawsuit, opens new tab involving Monique Woods, the Airbnb guest who died in Croatia. U.S. District Judge Maxine Chesney sent the successor-in-interest claims to arbitration and stayed the wrongful death claims. Chesney also noted that plaintiff Cindy Woods, the victim's mother, created an Airbnb account in 2013 and agreed to arbitrate all disputes. To conserve judicial resources and ensure consistency, the judge put the arbitration first. 'Here, the outcome of the wrongful death claims will depend upon the arbitrator's decision as to the viability of the survival claims,' she wrote, opens new tab. That's because the arbitrator will make findings on the same primary issues, such as what duties Airbnb owes its customers and whether the breach of any such duty was a proximate cause of injury. Of course, that also means the arbitrator is empowered to decide if the wrongful death claims can move forward, even if the claims themselves won't be arbitrated.
