Industry Update
Press Release 8 February 2017

Airbnb and the Caribbean Tourism Organization sign cooperation agreement

Both sides agree to develop a set of policy principles and recommendations on the sharing economy for Caribbean governments

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Caribbean Hotel & Tourism Association (CHTA)

The Caribbean Tourism Organization (CTO), the region's tourism development agency, and Airbnb, whose community marketplace provides access to millions of unique accommodations, today signed a landmark agreement to develop a set of policy principles and recommendations on the sharing economy for Caribbean governments and other stakeholders.

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Under the agreement, signed at the CTO's headquarters by secretary general and chief executive officer Hugh Riley and Airbnb's Shawn Sullivan, public policy director for Central America and the Caribbean, both organizations will share data and studies with policymakers about the positive impact of the sharing economy in the region; identify ways to make it more inclusive; and broaden the benefits of tourism to non-traditional actors, attract new stakeholders and focus on providing amazing and unique travel and cultural experiences to visitors.

This partnership agreement will also provide to the CTO an economic analysis of Airbnb's positive impact on local economies. By reviewing Airbnb's aggregate data, key stakeholders will be briefed on the value of peer-to-peer review mechanisms. At the same time, Caribbean government officials and other stakeholders will learn about the long term benefits of the sharing economy and home sharing in particular.

"The CTO is establishing a basis for mutual cooperation with Airbnb. It is important for us to examine all aspects of this important segment of the sharing economy. We believe that by clearly understanding Airbnb's massive influence in capturing consumers' interest in unique accommodations we will be in a position to properly advise our members and to allow the Caribbean to achieve the goals of year-round profitability, visitor satisfaction and sustainable tourism development," Mr. Riley said.

Currently, there are 41 thousand listings across the Caribbean and a typical host in the Caribbean earns approximately US$3,900 per year. Today's agreement will also help to identify new ways to market the Caribbean as a region: One Sea, One Voice, One Caribbean and grow the tourism industry.

"This is an exciting partnership for Airbnb. We look forward to working with the CTO to develop policy recommendations for regional governments and other stakeholders on the sharing economy. The Caribbean is an important and growing market for Airbnb and we expect continued growth here," Mr. Sullivan said.

With this cooperation agreement, Airbnb will continue promoting tourism and highlighting Caribbean history and culture. The strategy focuses on the diversification of the tourism industry and the expansion of the economic opportunities for the Caribbean people.

About Airbnb

Founded in 2008, Airbnb's mission is to create a world where people can belong when they travel by being connected to local cultures and having unique travel experiences. Its community marketplace provides access to millions of unique accommodations from apartments and villas to castles and treehouses in more than 34,000 cities and 191 countries. With Experiences, Airbnb offers unprecedented access to local communities and interests, while Places lets people discover the hidden gems of a city as recommended by the people that live there. Airbnb is people powered and the easiest way to earn a little extra income from extra space in a home or from sharing passions, interests and cities.

Caribbean Hotel & Tourism Association

The Caribbean Hotel & Tourism Association (CHTA) is a federation of 32 National Hotel Associations, with more

than 600 member hotels and over 300 allied members. CHTA is the largest representative of the private sector in the Caribbean hotel and tourism industry. We are the voice of the Caribbean hospitality industry for the development of the region in the highly competitive and sophisticated environment of international tourism. Today, tourism is widely recognized as a pivotal industry in the economy of the region - and CHTA functions as the common denominator for this industry in a region of diverse nationalities, languages and styles, identifying mutual problems and marshaling the resources of the active and allied members to devise solutions. CHTA represents all facets of the hospitality industry with more than 600 member hotels and over 300 allied members.CHTA, including the events staged by the association, is supported by Strategic Partners AskMe Inc., Clear Channel Airport Division, HVS, Interval International, JetBlue Getaways, MasterCard, OBM International, Tambourine and Travelzoo. For more information, visit http://www.caribbeanhotelandtourism.com.
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