📝 Airbnb's Loyalty Test

 
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The Daily
Thursday February 19, 2026

Good morning, readers.

Airbnb is finally running tests for loyalty programs. Booking Holdings highlighted its partnerships with independent hotels. And Minor Hotels is mapping out a strategy to grow in the U.S.

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Dennis Schaal
Dennis Schaal
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Airbnb executives have discussed launching a loyalty program for years, and now the company is finally conducting tests.

  • "We think that could be a massive accelerant for our company," CEO Brian Chesky said about a loyalty program. 
  • Chesky added that Airbnb's loyalty program wouldn't be a typical points program. 
  • Airbnb executives have previously outlined a vision centered around a more personalized, possibly paid-membership approach.  
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Dennis Schaal
Executive Editor
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Booking Holdings CEO Glenn Fogel talked up the company's relationships with independent hotels as LLMs and Airbnb look to cut into that vital part of Booking's business.

  • Fogel said independent hotels represent "the vast majority" of Booking.com's booked room nights. 
  • He added that Booking.com provides technical expertise to independent hotels, including customer service.
  • "We recognize effective partnerships require much more than technology alone," Fogel said.
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    • Demand for authenticity is creating new room for boutique luxury brands
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    Sean O'Neill
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    Thailand-based Minor Hotels has laid out its plan to grow in the U.S., which includes a narrow geographic focus, a few key brands, a franchising push, and an unusual financing model for development.

    • While Minor Hotels has a dozen brands, it's primarily focusing on NH, Tivoli, and Anantara in the U.S. market.
    • Minor Hotels is offering franchise contract terms that start below the standard for U.S. hotel groups. 
    • A Minor Hotels executive said she's been courting the European banks that already have lending relationships with the company. 
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