Marriott International's Tribute Portfolio Homes program is the latest initiative from the hotel brand aimed at taking on Airbnb. The program will be run in partnership with UK-based home rental agency Hostmaker and will be Marriott's first legitimate foray into the home rental space. The Tribute Portfolio Homes program currently has 212 London-area homes on its roster, with all of the homes equipped with at least one bedroom, a full kitchen and in-unit laundry facilities.
Marriot's move into the home rental space is long overdue, considering its competitors have already launched and established initiatives, but Marriot took the time to ensure the highest level of quality and in finding the best partner to run the program. According to Marriot Spokeswomen Connie Kim, "Marriott International will work with Hostmaker to carefully select each property based on exacting design standards." The duo will also ensure that all properties in the Tribute Portfolio Homes program comply with short-term rental laws in London.
Hotel-Backed Home Rentals
Marriott's Tribute Portfolio Homes Program Prioritizes Quality in Travel
Trend Themes
1. Hotel-backed Home Rentals - Marriott's Tribute Portfolio Homes program aims to rival Airbnb by offering quality home rentals backed by a well-known hotel brand.
2. Partnerships with Home Rental Agencies - Collaborations between hotels and home rental agencies provide an opportunity for hotels to enter the home rental market and compete with platforms like Airbnb.
3. Quality Assurance in Home Rentals - Emphasizing design standards and compliance with rental laws ensures a high level of quality and trust in the home rental industry.
Industry Implications
1. Hospitality - Hotel chains like Marriott are exploring opportunities in the home rental industry to capture a new segment of travelers.
2. Travel and Tourism - The rise of hotel-backed home rentals creates new options and experiences for travelers seeking accommodations.
3. Real Estate - Partnerships between hotels and home rental agencies present opportunities for real estate owners and investors to diversify their income streams.