- News
Hotels Continue to Expand into the
Short-Term Rental Market
- June 27, 2022
Mandarin Oriental is one of the latest hotels to leap into the luxury vacation rental space. In March, Mandarin and the luxury home rental platform StayOne announced their partnership in a trend that is becoming more common. Marriott launched its popular Homes & Villas platform of vacation rentals in 2019, combining the comfort of private home stays with hotel-caliber amenities.
Hotel-owned vacation homes have increased in popularity recently, largely due to the pandemic era, where families may want to travel together, but not be in close proximity to strangers. Accor unveiled a massive selection of private homes after it purchased One Fine Stay, the luxury property rental firm, in 2016.
“Business travelers as well as many leisure travelers value what Airbnb lacks and what hotel brands do best: availability (hotels cannot delist at short notice), professional hospitality, brand standards and loyalty program perks,” said Chekitan Dev, a professor at Cornell University’s Nolan School of Hotel Administration in Ithaca, N.Y. “This is why most major hotel companies are extending their brands into private homes.”
People are traveling further distances, staying longer, and spending more money on their trips, making long-term stays in homes even more desirable. The benefits to guests are enormous. Potential loyalty programs,hand-selected amenities, increased privacy, and the comforts of home away from home ensure that vacation home rentals are here to stay.