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Booking Holdings’ short-term rental business has been growing at a faster rate than Airbnb’s, and CEO Glenn Fogel aims to maintain this momentum. Fogel emphasized the importance of the short-term rental market to the company’s overall strategy, stating that the home sector plays a critical role in its business model.
Currently, Booking Holdings sells approximately two-thirds of the room nights that Airbnb does for short-term rentals and has outpaced Airbnb’s growth in 12 of the past 13 quarters. Fogel attributed part of this success to the convenience of offering both hotels and apartments on a single platform, which simplifies the decision-making process for consumers. He noted that many users come to the site unsure of what they want and often end up booking something different after browsing available options. He pointed out that internal data supports this behavior.
Last quarter, Booking Holdings increased its global listings by 11%, reaching 7.8 million properties, with the majority located in Europe. Fogel sees significant potential for expansion in the U.S., describing the company’s presence there as “still tiny” and an “incredible opportunity.”
In discussing California’s new regulation requiring hotels to disclose total prices upfront, excluding taxes, Fogel expressed support for transparency in pricing. He acknowledged that while some hotels may want to reveal resort fees, doing so independently would make them less competitive unless a uniform regulation is enforced. Fogel reiterated his long-standing advocacy for such regulation, noting that it should be implemented at the federal level to ensure consistency across states.
Despite growing competition and a slowdown in growth for both Booking and Expedia, Fogel remains optimistic. While Booking’s growth slowed from over 40% in 2011 to just 4% in 2019, and future growth is projected to be below 10% over the next decade, Fogel highlighted that the company is still expanding. He underscored the exciting opportunities presented by advancements in technology, especially artificial intelligence, as a key area for future growth.
Fogel remarked that this period is more thrilling than ever, largely due to the rapid technological changes that are reshaping the industry.
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