At the Skift Global Forum last year, Airbnb CEO Brian Chesky predicted hotel rates would rise in New York City as a result of Local Law 18 – which Airbnb has called a “de facto ban” on short-term rentals.
09.02.2024 - 13:19 / skift.com / Taylor Swift / Christopher Nassetta / Rashaad Jorden / Sean Oneill / Sarah Kopit
Good morning from Skift. It’s Thursday, February 8. Here’s what you need to know about the business of travel today.
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Taylor Swift’s massive influence on U.S. culture and the economy isn’t slowing down anytime soon. And as her ongoing Eras Tour continues to pack stadiums and boost tourism worldwide, Editor-in-Chief Sarah Kopit explains why Swift might be the most powerful person in travel.
Swift’s impact on the travel sector is vast, with major influence over tourism dollars, hospitality spending and the short-term rental market.
Kopit notes that each Swift concert has the economic impact of the Super Bowl – and it’s not just once a year. U.S. cities hosting a Eras Tour concert have seen their monthly hotel room revenue jump more than 7% on average. In addition, one short-rental executive said the Eras Tour has been responsible for double-digit increases in occupancy and average daily rates.
Skift Research estimates the tour generated an incremental $1.2 billion for the U.S. travel industry in 2023 across flights, hotels, short-term rentals and other expenditures.
Next, Hilton is considering making acquisitions, a shift from its longtime strategy of creating brands internally, writes Senior Hospitality Editor Sean O’Neill.
Hilton CEO Christopher Nassetta said the current economic environment might be more conducive for acquisitions. O’Neill notes rumors have surfaced that Hilton is in talks to acquire both Graduate Hotels and NoMad Hotels, a luxury lifestyle hotels brand. Nassetta said Hilton intends to enter the luxury lifestyle sector this year.
Finally, the upcoming Super Bowl between the San Francisco Chiefs and Kansas City Chiefs is driving a surge in short-term rental rates in Las Vegas, writes Short-Term Rental Reporter Srividya Kalyanaraman.
Short-term rental demand in Las Vegas from February 9 to 11 is 87% higher than the same period in 2023, according to AirDNA. Kalyanaraman adds that average daily rates have increased 51% from last year. Meanwhile, searches for Airbnb rentals in the Las Vegas area during Super Bowl week have jumped 65% compared to the same period last year.
At the Skift Global Forum last year, Airbnb CEO Brian Chesky predicted hotel rates would rise in New York City as a result of Local Law 18 – which Airbnb has called a “de facto ban” on short-term rentals.
Good morning from Skift. It’s Tuesday, February 27. Here’s what you need to know about the business of travel.
CoStar Group, the real-estate data giant, was hit last week with a consumer class action lawsuit alleging it enabled several hotel operators, such as Marriott and Hilton, to artificially boost their hotel rates.
Even in a city packed with flashy competition, the new Fontainebleau Las Vegas managed to attract the biggest stars during Super Bowl weekend.
Could the city of Las Vegas get a basketball franchise?
The Super Bowl helped MGM Resorts post three of the top five days in revenue it has ever recorded at hotels on the Las Vegas Strip, executives said Tuesday.
This is how powerful Taylor Swift is. She has bumped the blown door on the Alaska Airlines flight right off the front pages of the newspapers and the lead story on the news TV stations as well.
Finnish short-term rental brand Bob W, raised €40 million ($45 million) in a series B funding round to expand in Europe and enhance its technology.
Las Vegas, the venue for Super Bowl LVIII, could be a synonym for the private jet business entering 2024. After all, you arrive with high hopes and some money in your pocket. You leave a winner or loser, and sometimes with a hangover, regardless of how much cash is left in your bank account.
The world’s most popular sporting events not only attract hundreds of millions of TV viewers, but they can also bring large numbers of travelers to host destinations. Skift reported that more than 330,000 people are expected to visit Las Vegas for the upcoming Super Bowl between the San Francisco 49ers and Kansas City Chiefs.
This year’s Super Bowl may break multiple records.
You’d better be swift to catch Flight AA1989. The Super Bowl LVIII takes place in Las Vegas on February 11, and American Airlines has spied a unique way to get involved. The Nevada competition will see the Kansas City Chiefs and the San Francisco 49ers battle it out, but there’s another story off the field that has also caught public attention.