1118 ET - Airbnb's hotel business is still small but it is growing fast, Chief Executive Brian Chesky says on a call with analysts. Hotels still make up a single-digit percentage of total nights booked, but hotel bookings are increasing at about three times the rate of Airbnb's core home rental business, Chesky says. The company is hoping the new hotel segment will bring in new types of customers that haven't used Airbnb before. Chesky says about 35% of first-time hotel guests return to Airbnb to book a home. "What this shows is how hotels are introducing new guests to Airbnb," Chesky says. Shares climb 16%.
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