Airbnb doubles down on luxury vacations

Photo Illustration: Rafael Henrique/SOPA Images/LightRocket via Getty Images

Airbnb, the company whose brand is synonymous with budget-friendly home-sharing accommodation for travelers, is debuting a luxury rental tier on its marketplace, it told the New York Times Tuesday. The 2,000 properties have been selected from Luxury Retreats, which Airbnb acquired in 2017.

By the numbers: Airbnb saw a 60% increase in the past year in bookings that cost $1,000 or more a night (though it's unclear what portion of the company's overall business they make up).

Go deeper: Airbnb wants to go mainstream

Angela Ahrendts joins Airbnb's board of directors

Photo of close-up icon of Airbnb's mobile app.
Airbnb's mobile app. Photo Illustration: Thomas Trutschel/Photothek via Getty Images

Angela Ahrendts, former CEO of Burberry and most recently head of Apple's retail efforts, is joining Airbnb's board as its third independent director.

Why it matters: Airbnb is steadily preparing to go public at some point soon, as early as this summer, as the company said last year.