Hostaway

Hostaway, a Canadian startup, provides software solutions for managing vacation rentals on various online platforms, including Airbnb, Expedia, Booking.com, personal websites, and Google. The software encompasses features such as a property management dashboard, marketing and communication tools, channel management for listing and updating properties on different websites, accounting and payment software, tools for managing smart locks and communication with maintenance teams, analytics, automation and marketing tools. Hostaway's software is designed to cater to businesses of varying sizes, from those with five listings to those with over 1,000. The software aims to streamline operations and reduce the time spent on manual tasks.

The company also hosts a marketplace that integrates with ~100 third-party applications, offering nearly 40 different functions accessible via mobile apps and a web interface. In June 2023, announced an integration with Google that will allow Hostaway customers to list their short-term rentals across Google Travel, Google Search, and Maps, thereby increasing the visibility of their properties.

In 2022, Hostaway introduced a customizable website builder, rental agreements, centralized financial reporting, and integrated nine booking channels, including Homes & Villas by Marriott International, Hopper, and Amadeus. In April 2023, an updated Guest Portal was launched, allowing property managers to upsell to guests, thereby enhancing competitiveness and revenue. In May 2023, Hostaway became the first Property Management System (PMS) to integrate ChatGPT-powered AI tools, enabling clients to optimize listings and boost bookings without increasing their workloads. This AI tool enhances listings' appeal and ensures brand consistency by matching the tone of voice to each operator's brand and audience.

In April 2024, Hostaway introduced a financial product, “Hostaway Capital”, to provide flexible loans for short-term rental property managers in the US.

The company generates revenue through customized pricing plans, which include fixed pricing plans and commission-based pricing.

Key customers and partnerships

Hostaway notes that over 100,000 properties across 100 countries are managed through its platform. Key customers include Haven Vacation Rentals, Lifty Life, The Stay Hub, Bocobay, and Shenandoah Yurt.

In October 2022, Hostaway partnered with Hopper to provide access to the North American short-term rental market, aiding the expansion of Hopper Homes. The partnership allowed property managers using Hostaway's software to showcase their portfolio to Hopper's engaged user base.

Funding and financials

In May 2023, Hostaway raised USD 175 million in funding from PSG Equity. Funds were to be utilized to improve its platform, broaden its customer reach beyond the existing 100,000 properties currently managed, hire additional skilled individuals, and pursue acquisitions.

Despite facing a significant downturn at the onset of the pandemic—which led to a 60% drop in revenues and a third of its staff being laid off—Hostaway noted that its revenue grew 10x from 2021 to May 2023.