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Global Vacation Rental Market
On Dec. 04, 2023, Google announced adding new structured data for vacation rentals, enabling rich search results for vacation rental listing pages. Google also announced a new Google Search Console and an updated Rich Results testing tool for this structured data. With this new structured data, all small & big companies maintaining vacation rental listings on their website can show rich results for those listings in the Google search results.
On Nov. 09, 2023, Summer, a startup combining a rent-to-own program with short-term rentals, announced raising $18 million in Series A funding and securing an additional debt facility of $50 million. Along with traditional property management for existing homeowners, Summer offers gradual ownership options whereby it buys the home and its customers by making an initial payment of as little as 15% and then credits a monthly membership fee toward their stays at the property or any home in the Summer portfolio.
On Sep.30, 2023, Hyatt Hotels sold the entities that own the Destination Residential Management business to an unrelated third party for $2 million of base consideration and up to an additional $48 million of contingent consideration subject to customary adjustments related to working capital and indebtedness. Its vacation rental management arm was sold to a real estate investor called Lowe, which, through an affiliate, will run it under Lowe and Coral Tree.
On May 31, 2023, vacation rental software maker Hostaway announced that it was raising $175 million to automate and simplify the property management process, helping property managers scale and grow their businesses. Hostaway's rental management platform provides property managers with all critical aspects of their vacation rental business, including tools to manage inquiries, automate repetitive tasks such as reviews & automated messages, channel management, analytics, and marketing.
Key Companies in The Vacation Rental Market Include –
- 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.
- Wyndham Destinations Inc.
