Tag: Industry

Secure facilities needed to restart hotel industry


Secure facilities needed to restart hotel industry

MANILA, Philippines — Hotels are urged to create a secure and COVID- proof accommodation facilities to be able to tap the domestic tourism market in line with restarting the industry, according to a property consultancy firm.

“With foreign visitor arrivals remaining out of the picture, restarting the hotel sector through domestic tourism could start from creating secure and COVID-proof accommodation facilities,” Cushman and Wakefield Philippines said in a property market news report.

“Restoring travel appetite among domestic travelers could take some time even if a number of accommodation establishments have been allowed to restart operations,” it said.

The Department of Tourism (DOT) reported earlier this month that over 7,000 accommodation establishments have been given the green light to operate under varying quarantine conditions.

This was through the issuance of Certificates of Authority to operate (CAO) and provisional CAOs to 7,200 hotels, resorts and other accommodation establishments.

The DOT stressed earlier that accommodation establishments are required to secure a CAO or a provisional CAO before commencing operations in various quarantine zones. This is to ensure that health and safety protocols are in place.

“Not only will a CAO a provisional CAO from DOT indicate the allowable operation of accommodation establishments, it likewise adds to guests’ confidence, knowing that these establishments have been inspected and are compliant with our protocols that follow globally-recognized health and safety standards, Tourism Secretary Bernadette Romulo-Puyat said earlier.

“We are happy to see the numbers go up as more tourism destinations reopen for domestic travelers,”she said.

Cushman and Wakefield earlier said cautious customers would continue to dampen the travel industry for both international and domestic tourism.

“Domestic travel is deterred by the additional cost of having to secure mandatory medical/health certificates required for intraregional movement and other association costs that could arise from domestic travel requirements issued by national and local governments,”  the property consultancy said.

“Nonetheless, the return to full operations of hotel establishments signals the sectos readiness once travel appetite resumes,”it said.

In October, the DOT announced that hotels in general community quarantine areas (GCQ) and modified GCQ areas are allowed to operate at full capacity as the DOT was given the authority by the Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF-EID), to determine the allowable operational capacity, up to 100 percent, for hotels, including staycation hotels, in areas classified under GCQ and MGCQ.

Puyat, however, stressed that the decision to open at 100 percent operational capacity would be subject to the hotel management’s decision and compliance with the safety guidelines.

The DOT stressed that this was made through the IATF-EID’s approval of Resolution No. 79 last October 15.

The said resolution replaces the provision that accommodation establishments in areas under GCQ may only operate with a skeleton work force, and now provides that such operations may be governed by the issuances of relevant national agencies such as the DOT.

Moreover, Puyat said the DOT shall continue its coordination with national government agencies

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‘I just didn’t see myself represented in the travel industry’: Ella Paradis of the Black Explorer | Travel

I was around seven or eight years old, sitting in my plane seat as a giddy, unaccompanied minor. My brother and I were on an eight-hour flight to Kingston, Jamaica. I didn’t cry when we waved goodbye to our mum at the departure gate and walked off with the airline staff.

All I could think about was six weeks of sea and sun with my grandma. This was the beginning of my love for travel – something I didn’t realise until speaking to Ella Paradis, founder and editor of a new magazine, the Black Explorer. Like many second- and third-generation kids in the UK who travel across the globe to see family, she had had a similar experience to mine.

With 80% of the UK’s journalists having attended private school and only 0.2% of journalists being Black, it’s easy to see how travel journalism isn’t always a reflection of people like me. Although Black people very much do travel, the world of tourism widely excludes us and fails to cater for us. We’re barely seen in adverts, in the top spots in travel journalism, or presenting travel documentaries.

It’s something Ella is on a mission to change.

Ella Paradis at the Grand Canyon.
Ella Paradis at the Grand Canyon

Launching a travel magazine as the world stands still is a brave move but it’s also what makes the first issue of this quarterly magazine, subtitle “We Go Too”, so exciting. We may not be able to travel but we can live vicariously through its stories.

I wanted the magazine to shine a light on all the ways Black people explore

But the Black Explorer isn’t your average travel guide. Written by black writers and travellers, it’s a celebration and educational resource showing how and why we travel, told by us for us. How we navigate the world comes with its own nuances, from dealing with anti-Blackness abroad to the need for Black joy.

From the story of how psychedelics opened pathways to adventure for Alexandra Keeling to pioneering travellers, such as the Black Arctic explorers of the 1800s, the magazine seeks to redefine how we think about travel.

The Black travel movement is well established in the US. Publications including National Geographic, Outside magazine, CNN Travel and Skift have documented its growth. Black travellers’ members’ clubs like Buoyant and lifestyle platforms like Black & Abroad cater for a US black travel market said by one study to be worth $63bn a year .

Here in the UK it’s only just starting to take flight. Along with outdoor groups such as Black Girls Hike, and black-owned music festivals like British-run AfroNation, the Black British travel movement is finally getting its time in the sun.

Rhiane Fatinikun, with two other women, all in walking boots on top of a hill
Rhiane Fatinikun (centre), founder of UK group Black Girls Hike. Photograph: Sebastian Barros

Niellah Arboine: Why did you start the Black Explorer?

Ella Paradis: I just didn’t see myself represented in the travel industry. I’ve been travelling since I was 10. My parents just put me on a plane. You know: “This is

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Global Hotel Revenue Management System Market 2020 Industry Trends, Share, Opportunities, Market Research Analysis and Forecast-2026

(MENAFN – iCrowdNewsWire) Global Hotel Revenue Management System Market 2020 Industry Trends, Share, Opportunities, Market Research Analysis and Forecast-2026

iCrowdNewswire   Nov 27, 2020  1:45 AM ET

WiseGuyRerports.com Presents ‘ Covid-19 Impact on Global Hotel Revenue Management System Market Size, Status and Forecast 2020-2026 New Document to its Studies Database

Hotel Revenue Management System Market Overview

The global Hotel Revenue Management System market has a lot to offer for diverse industries to help them deal with their business operations well. Many sectors have already adapted these services and products provided by the global Hotel Revenue Management System market for enhancing their business operations. The key players who are handling the significant aspects of the global Hotel Revenue Management System market are implementing new progressive measures to make sure that there are more consumers showing interest in implementing these products. The key players manage the manufacturing, promoting and selling of the products to all the industries who seek for it. As a result, the collective effort of all the key players helps put the market on a thriving stage.

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Major Market Key Players

RevControl
AxisRooms
IDeaS(SAS)
Infor
RevPar Guru
Maxim RMS
Cloudbeds
JDA Software
RoomPriceGenie
RateBoard
Profit Intelligence
LodgIQ
Hotel Scienz
Climber Hotel
BeOnPrice
Atomize
Hotelpartner

Market Dynamics

The report helps the people identify the growth potential of the global Hotel Revenue Management System market, even under rapid fluctuations. It intends to highlight the survival tactics of the global market during the crisis periods. It also highlights the ability of the key players to deal with all situations to meet the demands of the clients on priority. They intend to speed up the manufacturing process for keeping the stocks ready for the upcoming demand requests. The market size of the global Hotel Revenue Management System market in the previous forecast period was considerably high. But as the demands increased, the market size is predicted to be higher in the current forecast period 2020 to 2026.

Hotel Revenue Management System Market Regional Analysis

Based on the regional analysis, the global Hotel Revenue Management System market is spread across various parts of the globe. The demand for the products is highly entertained in all regions of the world where the market potential is high. Some of the common areas where the demand and revenue were recorded to be the highest in the previous period are North America, South America, Europe and Asia-Pacific. As the demands are high, these regions are expected to generate even more money in the present period.

Hotel Revenue Management System Market Segment by Type

Cloud Based
On-Premises

Hotel Revenue Management System Market Segment by Application

Luxury & High-End Hotels
Mid-Range Hotels & Business Hotels
Resorts Hotels
Boutique Hotels
Others

Hotel Revenue Management System market regional and country-level analysis

North America
Europe
China
Japan
Southeast Asia
India
Central & South America

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Table Of Content:

1 Report Overview

2 Global Growth Trends

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Hotel and Other Travel Accommodation Market 2020 Global Key Players, Trends, Share, Industry Size, Segmentation, Opportunities, Forecast To 2026

“”Hotel and Other Travel Accommodation Market””

A new market study, titled “Hotel and Other Travel Accommodation Market Upcoming Trends, Growth Drivers and Challenges” has been featured on WiseGuyReports.

New Study Reports “Hotel and Other Travel Accommodation Market 2020 Global Market Opportunities, Challenges, Strategies and Forecasts 2026” has been Added on WiseGuyReports.

Introduction

“Hotel and Other Travel Accommodation Market”

This report presents a comprehensive overview, market shares, and growth opportunities of Hotel and Other Travel Accommodation market by product type, application, key manufacturers and key regions and countries.

This study specially analyses the impact of Covid-19 outbreak on the Hotel and Other Travel Accommodation, covering the supply chain analysis, impact assessment to the Hotel and Other Travel Accommodation market size growth rate in several scenarios, and the measures to be undertaken by Hotel and Other Travel Accommodation companies in response to the COVID-19 epidemic.

 

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If you have any special requirements, please let us know and we will offer you the report as you want.

 

Key Players of Global Hotel and Other Travel Accommodation Market =>

  • Marriott International
  • Hilton Worldwide
  • AccorHotels

 

In addition, this report discusses the key drivers influencing market growth, opportunities, the challenges and the risks faced by key players and the market as a whole. It also analyzes key emerging trends and their impact on present and future development.

 

Segmentation by type:

Hotel

Motel

Casino Hotel

Other

 

Segmentation by application:

Tourist Accommodation

Official Business

 

This report also splits the market by region:

Americas

United States

Canada

Mexico

Brazil

APAC

China

Japan

Korea

Southeast Asia

India

Australia

Europe

Germany

France

UK

Italy

Russia

Middle East & Africa

Egypt

South Africa

Israel

Turkey

GCC Countries

 

Research objectives

To study and analyze the global Hotel and Other Travel Accommodation market size by key regions/countries, type and application, history data from 2015 to 2019, and forecast to 2025.

To understand the structure of Hotel and Other Travel Accommodation market by identifying its various subsegments.

Focuses on the key global Hotel and Other Travel Accommodation players, to define, describe and analyze the value, market share, market competition landscape, SWOT analysis and development plans in next few years.

To analyze the Hotel and Other Travel Accommodation with respect to individual growth trends, future prospects, and their contribution to the total market.

To share detailed information about the key factors influencing the growth of the market (growth potential, opportunities, drivers, industry-specific challenges and risks).

To project the size of Hotel and Other Travel Accommodation submarkets, with respect to key regions (along with their respective key countries).

To analyze competitive developments such as expansions, agreements, new product launches and acquisitions in the market.

To strategically profile the key players and comprehensively analyze their growth strategies.

 

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Major Key Points of Global Hotel and Other Travel Accommodation Market

1 Scope of the Report

2 Executive Summary

3 Global Hotel and Other

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Hawaii’s hotel industry is still struggling despite tourism reopening, and isn’t expected to break even in 2021

More than a year from now, Hawaii’s hotel industry won’t have stopped bleeding.

A new annual Hawaii hotel forecast prepared by STR for the Hawaii Tourism Authority estimates that by the end of 2021, statewide occupancy will have hit only 46.3%, still short of the 50% to 60% occupancy that the industry needs to break even.

Many of Hawaii’s hotels temporarily closed during the pandemic as government restrictions and fear of COVID-19 significantly reduced travel demand. Quite a number were open by Oct. 15, the start of the state’s pre-
arrival testing program under Safe Travels
Hawaii. But so far, Hawaii’s formal welcome-
back to travelers hasn’t filled hotel rooms to the degree that many had hoped.

About 75% of Hawaii hotels are operating again. Still, only about 1,000 out of 8,000 Unite Here Local 5 hotel members are back to work. Some 5,000 of them already have lost their health insurance, and most are facing the loss of other support programs just after Christmas.

Local 5 spokesman Bryant de Venecia said, “Most of our workers have lost health insurance. They really want to go back to work, but that’s really out of our control. We can’t control how many tourists will
occupy our hotels.”

“If we are going to recap 2020, we barely left square one. Our members are still struggling, still dealing with how to pay for rent and food and health care,” de Venecia said. “It’s just heartbreaking, especially right before Christmas. People need help now.”

Mufi Hannemann, president and CEO of the Hawaii Lodging &Tourism Association, said Hawaii hoteliers are languishing, too.

Hannemann cited a recent survey of American Hotel &Lodging Association members that estimated 7 in
10 hoteliers (71%) wouldn’t make it another six months without further federal assistance given current and projected travel demand, and 77% of hotels report they will be forced to lay off more workers.

“I don’t know if Hawaii is quite at 71%. We’ve got a number of foreign hotel owners who might be able to survive beyond that period. Still, I would reckon a good number of our properties are in dire straits,” Hannemann said.

Chip Rogers, president and CEO of AHLA, said in
a statement that Congress must move quickly to pass additional relief for U.S.
hotels.

“Every hour Congress doesn’t act, hotels lose
400 jobs. As devastated industries like ours desperately wait for Congress to come together to pass another round of COVID-19
relief legislation, hotels continue to face record devastation,” Rogers said. “Without action from Congress, half of U.S. hotels could close with massive layoffs in the next six months.”

Rogers said U.S. hotels
already are expecting to face a difficult winter, characterized by a significant drop in travel demand — some 7 out of 10 Americans are not expected to travel over the holidays.

According to STR, U.S. weekly hotel occupancy has slipped further from previous weeks.

“After ranging between 48% and 50% occupancy from mid-July into the later portion of October, the last three

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The airline industry had hoped for a bustling holiday travel season. It may not happen.

Thanksgiving week was shaping up to be one of the busiest periods for U.S. air travel since the pandemic brought it to a near-standstill in the spring. But a renewed surge in virus cases and increasingly alarming warnings from public health officials are rattling travelers and threatening airlines’ hopes for the holiday weekend and the months ahead.

Airlines argue that flying is generally safe because of the various policies put in place to limit contagion, high-end air filtration aboard planes and the relatively few published cases of coronavirus spread in flight. But the science is far from settled, travelers are still at risk throughout their journey, and many would-be passengers have been discouraged by lockdowns and outbreaks in the places they hoped to visit.

Airlines are already noticing that prospects for passenger demand in the weeks ahead are dimming:

  • On Thursday, United said that bookings had slowed and cancellations had risen in recent days because of the surge in virus cases.

  • Southwest Airlines said last week that booking momentum seemed to be slowing for the rest of the year.

  • American Airlines, which has also seen demand dip because of the virus, has slashed December flights between the United States and Europe, leaving just two daily flights out of Dallas-Fort Worth International Airport, to London and Frankfurt.

To some extent, the unevenness of the travel recovery comes as little surprise, said Helane Becker, managing director and senior airline analyst at Cowen.

“We always knew that it would be choppy, but that said we think that people want to travel and they’re looking for ways to get out,” Ms. Becker said during a Thursday panel at the Skift Aviation Forum.

Source Article

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What the Upcoming COVID-19 Vaccines Mean for the Travel Industry

Each day it seems there are new developments in the world’s search for a successful COVID-19 vaccine. In the last two weeks, both Pfizer and Moderna have announced two vaccine contenders that are over 90 percent effective. The Centers for Disease Control and Prevention said Thursday that Americans should keep their Thanksgiving celebrations restricted to those they already live with. Though this time of the year is typically one of the busiest for traveling, AAA predicts at least a 10 percent drop in travel this year—the largest one-year decrease since 2008 amid the Great Recession.



a close up of a toy store: A passenger stands at the check-in area of Munich Franz-Josef-Strauss Airport during the second wave of the coronavirus pandemic on November 12, 2020 in Munich, Germany. Lufthansa, Germany's biggest airline, is launching the tests initially for flights between Hamburg and Munich.


© Alexander Hassenstein
A passenger stands at the check-in area of Munich Franz-Josef-Strauss Airport during the second wave of the coronavirus pandemic on November 12, 2020 in Munich, Germany. Lufthansa, Germany’s biggest airline, is launching the tests initially for flights between Hamburg and Munich.

Looking beyond the holiday season, the promise of a new vaccine becoming available in the coming months has provided a possible light at the end of the tunnel for the travel industry. While the CDC continues to advise against non-essential travel, these developments could bring a promise to an industry that has been suffering since the pandemic’s start.

From the start of the pandemic in early March, countries began imposing travel restrictions as an attempt to stop the spread of the virua — many of those restrictions held steady through the end of the summer. Destinations such as Ireland and the United Kingdom still hold strict quarantine guidelines for travelers coming in from other high-risk countries. Countries such as New Zealand, which has been able to keep their number of cases low for the duration of the pandemic, is not allowing entry of any foreign nationals. The CDC still imposes a level 3 travel risk on the majority of countries globally.

The initial announcement said that in partnership with BioNTech, Pfizer had developed a COVID-19 vaccine that is 90 percent effective. Now the company is saying upon further analysis the vaccine will be 95 percent effective and that they have yet to observe any serious side effects. Though it will still be a few months until this vaccine could be widely available, the company has said they expect to have 50 million doses ready by the end of the year and up to 1.3 billion in 2021 globally. On Monday, another Moderna emerged as another vaccine hopeful when they announced that their experimental COVID-19 vaccine was 94 percent effective.

How Does A Vaccine Work? What To Know Amid COVID-19 Pandemic

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How Much Has The Travel Industry Suffered?

This announcement has given hope to many individuals, but also could be a saving grace for some industries that have suffered greatly throughout this pandemic. The travel industry, particularly airlines and cruise lines have been hit hard economically by the virus as many countries maintain strict travel restrictions and travelers remain wary of the health risks. TSA records the daily number of passengers that travel through each of

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Airbnb’s IPO filing shows it’s navigating the pandemic better than travel industry peers

  • Airbnb’s third-quarter revenue dropped 18% from a year earlier to $1.34 billion because of the pandemic.
  • While that’s a big slump for a company going public, it’s not nearly as steep as the decline many other travel businesses have seen.
  • Airbnb is among a group of consumer internet companies planning to go public before year-end.



Brian Chesky wearing a suit and tie: Brian Chesky, chief executive officer and co-founder of Airbnb Inc., speaks during an Economic Club of New York luncheon at the New York Stock Exchange (NYSE) in New York, U.S., on Monday, March 13, 2017.


© Provided by CNBC
Brian Chesky, chief executive officer and co-founder of Airbnb Inc., speaks during an Economic Club of New York luncheon at the New York Stock Exchange (NYSE) in New York, U.S., on Monday, March 13, 2017.

Airbnb is in the challenging position of preparing to go public amid a slump in revenue. But relative to the rest of the travel industry, the company is thriving.

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In its IPO prospectus on Monday, Airbnb said that third-quarter revenue dropped 18% to $1.3 billion. Compare that to food delivery company DoorDash, which said in its filing on Friday that sales in the latest quarter more than tripled. Among the year’s hottest IPOs to date, software maker Snowflake’s revenue more than doubled in the quarter before it went public, while gaming company Unity grew 43%.

Unlike those companies, and others that hit the public markets in 2020, Airbnb was badly hurt by the coronavirus pandemic. Coming into the year sporting a $35 billion valuation and soaring demand from investors, Airbnb was slammed when travel ground to a halt, which not only caused business to deteriorate but also forced the company to reimburse travelers for cancelations.

Along with airlines, hotels and online travel agencies, Airbnb had a disastrous second quarter. Revenue plummeted 72%, and the company laid off 25% of its workforce, slashed its valuation and raised about $2 billion in high-interest debt.

While other parts of the industry are still in shambles, Airbnb is bouncing back. Even with the third-quarter revenue decline, the period was Airbnb’s second-biggest ever, behind only the the same quarter from 2019. And because the company slashed its sales and marketing costs by 74%, Airbnb turned a profit in the quarter of $219 million.

Airbnb files for IPO, revenue-year-to-date 32% lower in first three quarters

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Airbnb’s customers had to change their ways.

People weren’t traveling so much to big cities like New York, Chicago and Los Angeles, but starting in the summer, they were looking for cabins by the lake or in the mountains to spend a holiday weekend or as an escape for a month or two of remote work.

“They decided to get in their cars and travel close to home, often staying in small towns and rural communities,” Airbnb’s founders wrote in their letter to prospective shareholders in the filing. “Our business rebounded faster than anyone expected, and it showed that as the world changes, our model is able to adapt.”

Compare that to online travel giant Booking Holdings, which earlier this month reported that third-quarter revenue dropped 48% as lockdowns and travel restrictions, “continue to impact travel in the near-term,” said

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Vacation Rental Market to Grow by $ 62.97 Bn in 2020, 9flats.Com Pte Ltd., Airbnb Inc., Booking Holdings Inc., and Wyndham Destinations Inc, Emerge as Key Contributors to Growth | Industry Analysis and Forecast 2024 | Technavio

LONDON–(BUSINESS WIRE)–Technavio has been monitoring the vacation rental market and it is poised to grow by USD 62.97 bn during 2020-2024, progressing at a CAGR of almost 7% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. Download a Free Sample Report on COVID-19

Impact of COVID-19

The COVID-19 pandemic continues to transform the growth of various industries, however, the immediate impact of the outbreak is varied. While a few industries will register a drop in demand, numerous others will continue to remain unscathed and show promising growth opportunities. COVID-19 will have a low impact on the vacation rental market. The market growth in 2020 is likely to increase compared to market growth in 2019.

Frequently Asked Questions:

  • What are the major trends in the market?

    Technological advance is a major trend driving the growth of the market.
  • At what rate is the market projected to grow?

    The year-over-year growth for 2020 is estimated at 5.51% and the incremental growth of the market is anticipated to be $ 62.97 billion.
  • Who are the top players in the market?

    9flats.com Pte Ltd., Airbnb Inc., Booking Holdings Inc., Expedia Group Inc., Hotelplan Holding AG, MakeMyTrip Pvt. Ltd., NOVASOL AS, Oravel Stays Pvt. Ltd., TripAdvisor Inc., and Wyndham Destinations Inc, are some of the major market participants.
  • What is the key market driver?

    The adoption of effective promotional strategies is one of the major factors driving the market.
  • How big is the Europe market?

    The Europe region will contribute 37% of the market share.

     

Buy 1 Technavio report and get the second for 50% off. Buy 2 Technavio reports and get the third for free.

View market snapshot before purchasing

The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. 9flats.com Pte Ltd., Airbnb Inc., Booking Holdings Inc., Expedia Group Inc., Hotelplan Holding AG, MakeMyTrip Pvt. Ltd., NOVASOL AS, Oravel Stays Pvt. Ltd., TripAdvisor Inc., and Wyndham Destinations Inc. are some of the major market participants. The adoption of effective promotional strategies will offer immense growth opportunities. In a bid to help players strengthen their market foothold, this vacation rental market forecast report provides a detailed analysis of the leading market vendors. The report also empowers industry honchos with information on the competitive landscape and insights into the different product offerings offered by various companies.

Technavio’s custom research reports offer detailed insights on the impact of COVID-19 at an industry level, a regional level, and subsequent supply chain operations. This customized report will also help clients keep up with new product launches in direct & indirect COVID-19 related markets, upcoming vaccines and pipeline analysis, and significant developments in vendor operations and government regulations.

Vacation Rental Market 2020-2024: Segmentation

Vacation Rental Market is segmented as below:

  • Type
    • Managed By Owners
    • Professionally Managed
  • Courses
    • Graduate Courses
    • Certifications And Training
    • Post-graduate Courses
  • Geographic Landscape
    • APAC
    • Europe
    • MEA
    • North America
    • South America

To learn more

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Airbnb’s IPO filing shows pandemic’s effect on travel industry

Airbnb Inc. after years of speculation revealed its plans for an initial public offering, disclosing increased losses this year and other details of its finances and operations.

The San Francisco home rental platform in its filing Monday listed the size of the offering as $1 billion, a placeholder that will change as its bankers test demand for the shares. The number of shares to be sold and their proposed price range will be disclosed in a later filing. People familiar with the company’s plans have said it will seek to raise as much as $3 billion in an IPO in December.

The listing is set to be one of the biggest this year, capping an IPO surge that has largely defied the economic devastation inflicted by the COVID-19 pandemic.

The company’s filing confirms the damage it suffered as the pandemic wreaked havoc on the travel industry. Airbnb said it had a net loss of $697 million on revenue of $2.5 billion for the nine months that ended Sept. 30. That compared with a net loss of $323 million on revenue of $3.7 billion for the same period last year.

The company’s potential valuation in an IPO can’t be precisely calculated until the proposed terms and other details are revealed in the later filing. Earlier calculations have fluctuated with the rise, fall and rebound of its business, as well as the reasons for the valuation.

Although Airbnb’s valuation reached $31 billion in a funding round in 2017, warrants in an April round of debt and equity securities that included Silver Lake and Sixth Street Partners valued it at only $18 billion, Bloomberg reported.

A calculation related to employee compensation and tax reporting put the value at about $22 billion as of Sept. 30, people familiar with the matter said. That valuation reflected the estimated value of common shares held by employees at the time. It’s a different metric than the often higher valuation that venture capitalists pay for preferred stock that would come into play in the IPO.

Airbnb’s offering will be led by Morgan Stanley and Goldman Sachs Group Inc. The company plans for its shares to trade on the Nasdaq Global Select Market under the symbol ABNB.

The listing venue was a victory for Nasdaq Inc. over the New York Stock Exchange. Airbnb’s listing is expected to be the biggest on Nasdaq since Facebook Inc.’s 2012 IPO.

Airbnb is set to join food delivery company DoorDash Inc., which filed Friday to go public, in a finale to what is already a record year for IPOs. Driven mostly by the proliferation of special purpose acquisition companies and to a lesser extent by software companies, an all-time record of more than $141 billion has been raised on U.S. exchanges in 2020, according to data compiled by Bloomberg.

Along with Airbnb and DoorDash, online discount retailer Wish Inc. and installment loans provider Affirm Inc. are expected to complete IPOs by the end of the year, people familiar with their plans have said.

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