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OFTEN dubbed the “Airbnb for business travelers”, Singapore’s MetroResidences will expand its services to Hong Kong after a US$1 million seed funding led by 500 Startups.
At the moment, the site mostly caters to business travelers in Singapore for work projects, medical tourists, and locals renovating their homes.
The start-up was launched in 2014 to make long corporate stays more affordable, and within the span of 18 months, has grown from a portfolio of 10 properties to 200.
Khailee Ng, managing partner at 500 Startups, said: “For a long time, corporates had to rely on brands such as Frasers and Ascott. MetroResidences is now offering them a fresher option to take a piece of this billion-dollar market.”
Meanwhile, Airbnb has been pushing for a bigger chunk of the business travel market despite indicators showing that its foray into the corporate travel world is seeing mixed results so far.
The New York Times reported that Airbnb is actively wooing the business clientele after reaching agreements with American Express Global Business Travel, BCD Travel and Carlson Wagonlit Travel in the US.
Based on the agreements, Airbnb will send data on travelers’ expenditures and itineraries to the travel management companies, which in turn will send the information to the travelers’ employers or their clients.
Accordingly, the clients will use the received data to track their employees’ expenditure and movement, which could come in handy during an emergency.
Tobias Ragge, CEO of HRS, said that despite Airbnb enthusiastically marketing to corporate clients, the house-sharing company is not likely to create a “tectonic shift” in the corporate travel landscape.
“Airbnb is a great concept for leisure travellers but their properties are not a real alternative to a hotel, at least for the business traveller with a travel pattern of one- to two-night stays,” he added.
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Source: travelwireasia.com