Luxury vacation homes and villas subscription service Inspirato and Capital One are working on a commercial deal and strategic partnership, and once that has been negotiated, then Capital One Ventures would provide Inspirato with a $25 million convertible note, the companies announced Tuesday.
“The capital is expected to provide broad operating flexibility to Inspirato as it continues to enhance the luxury travel experience it delivers for its members,” Inspirato said.
Capital One operates Capital One Travel, powered by Hopper, which has likewise been the beneficiary of a Capital One investment, namely $96 million in 2022. Inspirato would presumably provide some of its luxury inventory to Capital One Travel, which has been striking some of its own luxury hotel deals independent of Hopper. Inspirato has its second quarter earnings call on Wednesday.
Montana Fine-Tunes Regulations
The Bozeman City Commission in Montana continues discussions regarding short-term rentals and their connection to affordable housing. This marks the initiation of phase two in the process of managing STRs.
Phase one culminated with the approval of Ordinance 2131 on July 11, which introduced additional requirements for the permitting procedure. The ordinance mandates that platforms like Airbnb and Vrbo maintain a regularly updated list of all short-term rentals on their websites, along with their compliance status with city permits. Noncompliant rentals must be removed from listings.
Phase two would explore additional modifications or constraints on short-term rentals. Bozeman Tenants United’s agenda for the commission meeting includes advocating for a thorough evaluation of prohibiting certain types of short-term rentals and proposing financial assistance to aid these properties in transitioning into long-term rentals.
Checks in Czech
The Czech government is suggesting fresh measures to oversee short-term rental booking platforms operating within the country, aiming to address disruptive activities and enhance professionalism in the sector. The Ministry of Regional Development presented a proposal for amending the Act on Business Conditions in the Tourism Industry, incorporating provisions related to short-term rentals, according to local publication iDNES.cz.
Under the proposed amendment, providers of short-term rentals would be mandated to register and obtain a distinct registration number, which would be electronically shared with the Ministry of Regional Development, aligning with the European Commission’s suggestions to regulate the sector.
There are currently around 14 times as many short-term lets available on Airbnb in Ireland as there are long-term rental properties on Daft.ie, an Irish property listing website for long-term rentals. An examination conducted by the Irish Examiner, utilizing data from Daft.ie and Inside Airbnb, demonstrated that while there were only 1,299 properties listed for rent on Daft.ie, there were 18,086 short-term rentals available on Airbnb. It’s worth noting that not all available rental homes are featured on Daft.
This shortage of long-term rental properties is particularly prominent in Cork, where a mere 71 properties were available for rent across the entire county, in contrast to 1,662 listings on Airbnb. In Dublin, the figures show 4,611 Airbnbs available across the county, compared to 745 rental properties featured on Daft.ie. These statistics do not take into account Airbnb listings that consist of individual rooms within occupied houses.
Elsewhere on Skift
IHG Hotels & Resorts announced on Tuesday that it has been introducing a fresh brand to hotel owners, targeting a market segment it considers underserved. The hotel group, headquartered in Windsor, UK, which manages well-known brands such as Holiday Inn, Crowne Plaza, and Six Senses, has not disclosed the new brand’s name or specific details.
“If you were the owner of an existing good quality asset in the midscale, but it didn’t really fit the shape and size and requirements of a Holiday Inn Express, we didn’t have a brand to offer,” CEO Elie Maalouf told Skift. “Now we do.”
This strategic choice aims to ensure IHG’s consistent growth in its hotel pipeline. Unlike newly built brands that face delays due to construction, conversion brands can expand rapidly. This is especially true since many independent hotel operators or owners of older-branded properties seek opportunities for revitalization.
Srividya Kalyanaraman writes the Short-term Rental Report. Reach out to her with tips, comments and feedback at email@example.com