Is Airbnb your next housing challenge? ARE RESIDENTIAL SHORT TERM RENTALS CHANGING THE LODGING GAME?

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1 Is Airbnb your next housing challenge? ARE RESIDENTIAL SHORT TERM RENTALS CHANGING THE LODGING GAME?

2 About THLA 2 Texas Hotel & Lodging Association covers a diverse array of legal and legislative issues, including local and state hotel occupancy tax, hospitality law, regulatory issues, contract law, employment issues, and more. Based in Austin, THLA is the largest state lodging association in the United States, serving over 3,800 member businesses by providing operational, technical, educational, marketing and communications services, in addition to governmental affairs representation.

3 About Justin 3 Justin R. Bragiel is General Counsel for the Texas Hotel & Lodging Association. Justin joined the Texas Hotel & Lodging Association in February A member of the Texas Bar, Justin earned a Juris Doctor from Texas Wesleyan University School of Law in 2007, and holds a Bachelor of Arts from the University of Texas at Austin.

4 A Brief History of STRs 4 The original STR is timeless, but it is the technology and customs that are changing the business.

5 5 HomeAway was founded in 2004, and the website HomeAway.com went live in After a number of acquisitions and years of slow-to-steady growth, HomeAway began growing rapidly in the past five years. Today, its annual revenues are around $450 million. HomeAway claims to have over 1 million listings, with 2.8 million rooms available. HomeAway s focus is on renting the entire home. Business model is based on either a subscription basis or pay-perbooking with a 10% commission basis. Acquired in 2015 by Expedia.

6 6 Airbnb was started in 2008, when the founding roommates began renting out air mattresses in the living room of their San Francisco loft. Since inception, Airbnb has grown rapidly, with regular infusions of venture capital. Airbnb is perhaps the best known of the STR listing services, and it has the greatest market penetration. Focus is on renting the entire home. Business model is based on either a subscription basis or pay-perbooking with a 10% commission basis.

7 Other Players 7

8 STR Market Share 8 Airbnb s market valuation exceeds many large hotel chains. The leisure travel market is most at-risk, and many STRs remain niche options for housing. For example, Airbnb states that 76% of its listings are outside main hotel districts. Corporate markets remain the stalwart of the mainstream lodging sector. Do STRs grow the pie? Travelers polled indicate that 30-40% of Airbnb guests would not have made the trip if not for the STR. But, even if the pie is growing, STRs relieve demand compression, driving down ADR and RevPAR.

9 The Lodging Sector Reacts to Competition: Don t Forget OTAs 9 This isn t the first time that hotels have faced disruptive competition. Third-party intermediaries or Online Travel Agents (OTAs) started to grow in popularity in the early 2000s. Though they helped to fill rooms that may have otherwise been vacant, the fees that owners had to pay put pressure on margins. Hotels encouraged travelers to book directly through them by enticing guests with loyalty programs, digital check-ins, free WiFi, food and beverage discounts, and other perks. Hotels don t like OTAs, but they remain a way to sell unsold rooms.

10 Lodging Sector Reacts to Competition: Listing Hotels on STRs 10 STRs services are a platform. Boutique hotels and other specialty lodging properties are themselves looking at Airbnb and others as a way to reach new customers. Airbnb = 3% commission, vs Expedia = 15% commission

11 Neighbors React: San Francisco 11

12 Neighbors React: San Francisco SF Gate, October 17, 2015: He s running a hotel next door, said Noronha, 67, a retired federal employee. People come in the middle of the night, bumping their luggage down the alley. But Li, 38, said vacation rentals helped him after he lost his job and remain a major source of his income in addition to work as a real estate agent and renewableenergy consultant, Li said. I depend on Airbnb to make sure I can meet each month s expenses, he said. I screen guests carefully and educate them to come and go quietly. 12

13 Neighbors React: San Francisco 13 Prop 8 was defeated after Airbnb spent millions. Under current SF law: Permanent residents may rent their property for less than 30 days. Only natural persons may rent the property. Must register and pay an annual fee. Must carry at least $500,000 in liability insurance specifically covering STR activity. Must collect and pay hotel occupancy taxes.

14 Neighbors React: Chicago 14 Since 2011, Chicago s STR ordinance has required STR operators to pay a $500 licensing fee (good for 2 years), register the property, and pay taxes. Yet of the 3,000 units listed on STR websites, less than 200 have registered. This has meant an estimated $8 million in taxes has gone uncollected over the last four years. Chicago is starting a increased effort to go after unlicensed STRs; to be continued.

15 Neighbors React: Austin Austin s first STR ordinance went into effect in Pushed by neighborhood groups, the original STR ordinance was aimed at regulating density of STRs, particularly non-owner occupied STRs. Compliance required, an annual fee of $285, Proof of property insurance, Proof of payment of hotel occupancy taxes, Notification of neighbors. Split STR into several varieties (Types) based on type of occupancy.

16 Neighbors React: Austin 2012/ Compliance remained very low. Even where properties were licensed, neighbors continued to complain of party houses, owned by investors. Now, Austin enacted a moratorium on non-owner occupied STRs. But the issue is being lobbied vigorously by the STR groups.

17 Texas HB Committee version of HB 1792 would have required statewide compliance: Health Code Provisions: Free from rodents and pests. Clean between guests. Offer clean sheets and potable water Tax Payment Facilitation

18 Taxation 18 In Texas, if there is another statewide fight on STRs, it will be over compliance with existing tax law. Sec DEFINITIONS. (a) In this chapter, "hotel" means a building in which members of the public obtain sleeping accommodations for consideration. The term includes a hotel, motel, tourist home, tourist house, tourist court, lodging house, inn, rooming house, or bed and breakfast. (b) For purposes of the imposition of a hotel occupancy tax under this chapter, Chapter 351 or 352, or other law, "hotel" includes a short-term rental. In this subsection, "short-term rental" means the rental of all or part of a residential property to a person who is not a permanent resident under Section

19 Liability 19

20 Corporate Travel: Policies, Concerns, and Opportunities 20 STRs are working to break into the lucrative business travel market. Right now, this is still a niche, but it may not be that way forever. Clearly the demand for using STRs for business travel is growing. But do you want to accept the liability for your employees when they stay at an STR property?

21 Corporate Travel: Policies, Concerns, and Opportunities 21 Who is the customer the host, or the traveler?

22 Are STRs so Disruptive? 22 Hotel rooms are not taxicabs. Local regulation abounds. Are STR companies overvalued? Is this a fad? Hotels can find ways to innovate. [Some] Travelers will always want the convenience/piece of mind/amenities/terms and conditions that hotels provide.

23 Contact us 23 Website: Justin Bragiel General Counsel Texas Hotel & Lodging Association

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