Good morning from Skift. It’s Wednesday, December 4, 2024. Here’s what you need to know about the business of travel today.
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Episode Notes
Marriott is expanding the number of luxury properties in its portfolio, which it believes will help it make inroads with millennial and Generation Z travelers, writes Senior Hospitality Editor Sean O’Neill.
Marriott said on Tuesday it has more than 260 luxury properties in its development pipeline. O’Neill notes Marriott’s expansion comes as it looks to capture spending by millennials and Gen Z consumers, who are projected to inherit $80 trillion globally over the next two decades.
Tina Edmunson, Marriott’s luxury president, said at the International Luxury Travel in Market in Cannes that younger affluent travelers often prioritize experiences over traditional material luxury. So Marriott is expanding into new categories, such as private member clubs and all-inclusive resorts.
Next, Airbnb recently announced it’s expanding its Airbnb-friendly Apartments program from the U.S. to the United Kingdom despite underwhelming participation numbers, writes Executive Editor Dennis Schaal.
The program aims to give renters the opportunity to earn income when they’re away – with landlord approval. Although more than 2,000 renters participated in the program during the third quarter, Schaal notes the number equates to less than three participating renters per multifamily building. One Airbnb executive said landlords need to make renters aware of the program, but also noted the short-term rental giant sees enormous potential in the UK market.
Finally, Amtrak carried a record number of passengers in the 2024 fiscal year, and the company believes it can double that figure by 2040, reports Senior Hospitality Editor Sean O’Neill.
Amtrak carried just under 33 million passengers during the fiscal year, a 15% increase from the previous year. In addition, Amtrak’s long-distance routes saw ridership grow 8% overall to a little more than 4 million passengers.
Amtrak is expanding its network, launching one new route and extending four others this year. The railroad plans to introduce twice-daily service between Mobile and New Orleans in 2025, marking the return of Gulf Coast passenger service after a 20-year hiatus. The Northeast Corridor saw strong growth, with regional trains seeing an 18% gain in ridership year-over-year.
