The emergence of a home away from home…
With a valuation of $30 billion, Airbnb is now worth approx. $7 billion more than the next most valuable hospitality company – Hilton Worldwide ($23.33 billion). It is also nearly worth more than Hilton and Hyatt ($6.87 billion) combined ($30.2 billion). This is rather extraordinary for a company that started in just 2008, and is now the world’s largest accommodation provider, despite not actually owning any real estate!
As a much larger share of the market is being taken up by Airbnb – hotels, bnb’s and other accommodation providers have now got to be dynamic in the market in order to survive. Marriott Hotels have already started the concept of turning hotel rooms into apartments to rival Airbnb (Read more).
In terms of furniture, Airbnb properties need strong, design-led furniture just as much as any hotel chain, due to how frequently it gets used and badly it gets treated. I believe the needs of domestic and contract furniture are getting closer together, with hospitality outlets needing to entice customers to get out the comfort of their own home, as well as offer strong practical solutions that are “fit for purpose”.
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