Benzinga | Mar 26, 2021 12:46PM EDT

Remote Stay Preference By Vacationers Drive Airbnb's Valuations: Report

Airbnb Inc's (NASDAQ: ABNB) supply has more than doubled over the past four years, exceeding some of the traditional hotel chains in aggregate, Reuters reports based on AirDNA.

* The pandemic induced higher demand for short-term rentals with larger living space, and their remote location drove Airbnb's performance compared to the traditional lodging industry. Airbnb's global active listings rose 2.5% year-over-over in February 2021.

* The company noted over 5.4 million global active listings with higher rent availability compared to the aggregate 3.3 million units at hotel chains including, Marriott International Inc (NASDAQ: MAR), Hilton Worldwide Holdings Inc (NYSE: HLT), and InterContinental Hotels Group PLC (NYSE: IHG).

* Airbnb had 2.3 million units in 2017 beginning.

* The uptick in local travel and cost-cutting strategy spurred the company's valuation compared to Marriott, Hilton, and Hyatt Hotels Corp (NYSE: H) amid the havoc wreaked by the pandemic on the travel industry. Airbnb also recorded a far less severe revenue decline than Expedia Group Inc (NASDAQ: EXPE) and Booking Holdings Inc (NASDAQ: BKNG).

* Price action: ABNB share prices traded higher by 0.22% at $176.55 on the last check Friday.