Residents were searching for vacation rentals in neighboring towns and cities, so they didn’t have to fly.
People wanted to book entire homes, meaning Airbnb could gain from travelers shunning hotels and their shared spaces.
By June, the company had redesigned its website and app so its algorithm would show prospective travelers everything from cabins to lavish beach houses near where they lived.
In August, more than half of bookings made were for stays within 300 miles of the guest’s location, according to the company.
Airbnb is expected to list shares in late November or December at a valuation of $30 billion or more.
The company will debut in the hottest IPO market in years, in which the stock prices of newly public companies have soared and are on track to hit a record for dollars raised.
via wsj.com
