Breaking news about M&A, development, data, earnings and more.
Our Habitas to NEOM. London-based Our Habitas has agreed
with the developer of Saudi Abaria’s futuristic city NEOM to launch three futuristic-looking hotels
within the mega development along the Red Sea. Located in Leyja, the Our
Habitas will feature 120 rooms and suites split equally across the three
properties that will be carved between 400m-high mountains. The properties will
be in addition to Habitas hotels planned for elsewhere in Saudi Arabia,
financed with $400 million from the Saudi Tourism Development Fund. The
distinct properties at NEOM are identified as “Home of Adventure – Where raw
adventure, sport, and technology collide;” “Oasis – A celebration of
nature’s generosity” and “Home of Wellness – Cutting-edge longevity
melts with ancient ritual.”
Airbnb's solid earnings. Airbnb reported stronger-than-expected
revenue for 3Q23 but provided weaker-than-expected guidance for the upcoming
quarter. Airbnb reported earnings of $6.63 per share and revenue of $3.40
billion versus $3.37 billion estimates. Net income for the quarter, including a
one-time income tax benefit, was $4.37 billion. Revenue grew 18% year over year
and total nights and experiences bookings came in at 113.2 million for the
quarter, more than the 99.7 million it reported in the year-ago quarter. The
company guided to $2.13 billion to $2.17 billion in fourth-quarter revenue,
representing year-over-year growth ranging from 12% to 14%. That was less than
the $2.18 billion expected. Airbnb also reported adjusted EBITDA of $1.83
billion, growing 26% year over year, and free cash flow of $1.31 billion, or
37% more than the $958 million it reported in the year-ago period. CEO and Co-Founder
Brian Chesky said despite issues in New York City, “for every headline you
read, there’s cities that have very workable solutions.”
Expedia’s record quarter. Citing resilient travel demand, Expedia
Group posted record revenue and profitability for the third quarter and
reiterated full-year guidance of double-digit topline growth with margin
expansion. Lodging gross bookings at $18.5 billion grew 8% compared to 2022 and
were at record levels for any third quarter. Revenue at $3.9 billion grew 9%
compared to 2022 and was a record for any quarter. B2C revenue growth compared
to 2022 accelerated over 400 basis points sequentially. B2B revenue at $995
million was a record and was an increase of 26%, compared to 2022. Expedia also
completed a record $1.8 billion in share repurchases year-to-date and has a new
$5 billion share repurchase authorization from its board.