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A Hybrid Approach to Short-term Rentals
Gregor, Robert (2023-09-25)
The owners of a mom-and-pop hotel in Lake George, New York, devised and tested the idea of promoting their property both through traditional hotel channels and by listing the property’s rooms on Airbnb. To make the property more attractive to Airbnb customers, management downsized the hotel from 60 rooms to 35 rooms and added kitchenettes throughout. Even considering conversion costs, financial results were initially promising, with improved occupancy, average daily rate, and funds from operations. In addition to the financial outcomes, the hybrid approach addresses several social concerns about the Airbnb model. Most critically, the property is operating on a parcel zoned for commerce of this type, rather than occupying a house in a residential neighborhood. Consequently, the risk of additional regulation is low, and the property does not add to the real estate turbulence resulting from the purchase activities of would-be Airbnb investors. Finally, since the property is, in fact, a hotel, it is staffed around the clock to address any issues that arise, thus addressing another issue for Airbnb—namely, absentee rentals where guests may conduct rowdy parties.
A Hybrid Approach to Short-term Rentals
Gregor, Robert (2023-09-25)
The owners of a mom-and-pop hotel in Lake George, New York, devised and tested the idea of promoting their property both through traditional hotel channels and by listing the property’s rooms on Airbnb. To make the property more attractive to Airbnb customers, management downsized the hotel from 60 rooms to 35 rooms and added kitchenettes throughout. Even considering conversion costs, financial results were initially promising, with improved occupancy, average daily rate, and funds from operations. In addition to the financial outcomes, the hybrid approach addresses several social concerns about the Airbnb model. Most critically, the property is operating on a parcel zoned for commerce of this type, rather than occupying a house in a residential neighborhood. Consequently, the risk of additional regulation is low, and the property does not add to the real estate turbulence resulting from the purchase activities of would-be Airbnb investors. Finally, since the property is, in fact, a hotel, it is staffed around the clock to address any issues that arise, thus addressing another issue for Airbnb—namely, absentee rentals where guests may conduct rowdy parties.
Global Hospitality, Travel, and Tourism Trends
Dev, Chekitan (2023-09-25)
On May 27, 2023, at the opening session of the 2023 Global Hospitality
Conclave held at The Oberoi in New Delhi, India, I had the pleasure of
speaking with Hari Nair of Expedia Group, a distinguished alumnus of
the Cornell Peter and Stephanie Nolan School of Hotel Administration,
about the changing world of hospitality, travel, and tourism. We framed the discussion around
ten major travel trends. This report presents some of the detailed insights from our discussion.
Global Hospitality, Travel, and Tourism Trends
Dev, Chekitan (2023-09-25)
On May 27, 2023, at the opening session of the 2023 Global Hospitality Conclave held at The Oberoi in New Delhi, India, I had the pleasure of speaking with Hari Nair of Expedia Group, a distinguished alumnus of the Cornell Peter and Stephanie Nolan School of Hotel Administration, about the changing world of hospitality, travel, and tourism. We framed the discussion around ten major travel trends. This report presents some of the detailed insights from our discussion.
New York State Tick Blitz Summary 2021 - 2023
Aine Lehane; Natalie Bailey; Emily Mader; Nicole Foley; Laura Harrington (Northeast Regional Center for Excellence in Vector-Borne Diseases, 2023-09-25)
The Northeast Regional Center for Excellence in Vector-Borne Diseases (NEVBD) issues a report summarizing outcomes of the New York State Tick Blitz from 2021- 2023.