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New York Outs Airbnb

Category: Hotels, Posted:25 Oct 2016 | 10:10 am

New York State has signed into law a landmark bill making it illegal for owners to rent out residences for less than 30 days.

Airbnb has reportedly filed a counter lawsuit in Federal Court.

Under the new law, fines of up to USD7,500.00 would apply to homeowners.

The current market valuation of Airbnb is USD30 billion

According to the New York Times, the online marketplace generated staggering USD1 billion in revenue last year from New York City rentals.

Another legal battle is playing out in San Francisco, where the issue is Airbnb’s right to act as a third party provider of content and not be liable for legal issues on rights to rent.

Stay tuned as the battle of hotels versus the shared economy is well underway.

Other News

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Destination Group Transacts Khao Lak Hotel

Category: Hotels, Posted:21 Sep 2022 | 16:21 pm The Destination Group has acquired a partially completed beachfront 400-key hotel in Khao Lak, Phang Nga. What was named the Mora Resort which is under construction will see Destination fully complete and brand the property. An opening in late 2023 is planned for the hotel which is located near the JW Marriott. Access to Khao […]
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Soho House Bangkok Opening in December

Category: Hotels, Posted:21 Sep 2022 | 13:09 pm Uber global social brand Soho House will debut in Bangkok this December 2022. Located in the former Eugenia hotel in Sukhumvit Soi 31, the property has been reinvented. With three floors of facilities, food, beverage, and cultural events are also set to be showcased. Soho  House Bangkok membership is set at THB135,000 per year, with […]
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UWC Phuket Enters International School Property Market

Category: Real estate, Posted:20 Sep 2022 | 08:46 am One of Phuket’s leading international schools UWC has entered into a development deal for integrated living. The school has subdivided a portion of its land adjacent to the campus and will have properties built by a Phuket real estate group TYSSEN VIP Development. Branded as the Campus Villas, the 44-unit gated estate offers four types […]
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