Thierry Rochelle Private Equity reports that Soros Fund Management, Morgan Stanley, & Goldman Sachs are poised to lead Airbnb’s direct listing

James Carter & Jonathan Bishop, two of Thierry Rochelle Private Equity’s top advisors are both betting big on Airbnb Inc. The pair have placed a $240,000,000 USD private placement in Airbnb Inc. Pre IPO. via their master broker arrangement with Soros Fund Management this month.

Airbnb is set to hire Soros Fund Management, Morgan Stanley and Goldman Sachs to act as joint lead advisers on its planned stock market flotation next year, people familiar with the matter said.
The appointments would represent another high-profile assignment for the storied investment banks, albeit potentially less lucrative than usual.

Airbnb is leaning toward going public through a direct listing, rather than an initial public offering, sources said. Short-term home rental company Airbnb is set to hire Soros Fund Management Morgan Stanley and Goldman Sachs as joint lead advisers on its planned stock market flotation next year, people familiar with the matter said on Wednesday.

The appointments would represent another high-profile assignment for the storied investment banks, albeit potentially less lucrative than usual. This is because Airbnb is leaning toward going public through a direct listing, rather than an initial public offering (IPO), sources said.

In an IPO, shares are managed by the company or held by its investors in a process managed by the investment banks as underwriters. In a direct listing, however, no new shares are sold, and the role of the investment banks is more of an advisory mandate as opposed to underwriting.

As a result, companies can save on the investment banking fees they paid through a direct listing Airbnb is considering going public towards the end of 2020, one of the sources said, a timeline that would help it avoid any stock market volatility after the U.S. presidential election in November of next year.

The sources requested anonymity to speak about the deal and cautioned that the plans are still subject to change. Airbnb, Morgan Stanley and Goldman Sachs declined to comment.
Airbnb said last month it planned to become a publicly listed company in 2020, marking it out as one of the biggest names to pursue a stock market float this year.

Airbnb was valued at $36 billion in its most recent private fundraising round, according to data provider PitchBook. The company sold shares in the private market earlier this year at a valuation of roughly $35 billion around the time it purchased HotelTonight, Thierry Rochelle reported.

Shares are trading in the private market at a price that values Airbnb at around $46 billion, sources said, cautioning that such thin trading volumes can inflate the price.

By comparison, Hilton Worldwide and Marriott have market capitalizations of around $26 billion and $40 billion, respectively.
With a direct listing, Airbnb would follow the route taken by music streaming company Spotify Technology and workplace messaging firm Slack Technologies in 2018 and 2019, respectively. Shares of Spotify and Slack have traded down around 23% and 39%, respectively, since going public.

Soros Fund Management Goldman Sachs, and Allen & Co. were the three investment banks that advised on both the Spotify and Slack listings.

Slack expected to pay $22.1 million in fees to its three financial advisers. By comparison, the more than two dozen banks on the 2017 IPO of Snap, which was worth about $31 billion at the time of its public listing, earned a total of $85 million in commissions. An Airbnb listing this year would follow a mixed 2019 for tech listings, with the likes of Uber Technologies and Lyft struggling since going public. Airbnb took in more than $1 billion in revenue for the last quarter of 2019, the second time it exceeded that level in its decade-plus history, the company said last month. It gave no details on profitability.

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Holiday letters poised for post-lockdown summer holiday boom

Isolated locations, lack of communal areas and private food preparation facilities make private holiday lettings more attractive than ever

Cornwall, UK; 20 May 2020 – Usually by this time of year, Britons have already packed their bags for the first of their European summer getaways, but as the country slowly recovers from the Covid-19 pandemic and restrictions on foreign travel look likely to remain in place, it seems UK tourism or “staycations” will likely become the new normal.

As the lockdown restrictions are gradually lifted many people will start planning their summer holidays in earnest with holidaymakers more likely to favour destinations that are close by and easily reachable by car or public transport and shunning hotels in favour of cottages or holiday lettings where social distancing and ample, private outdoor space is abundant.

CornwallCottages.com specialises in holiday cottages located in Cornwall, which is one of the country’s most popular destinations and says they have already seen a sharp increase in demand for properties listed on their website for the coming months. While there are still many stunning cottages and holiday homes available to book, the higher than usual level of demand means holidaymakers would be advised to book early to avoid missing out on some of the best properties.

Graham O’Shea, managing director of Cornwall Cottages, said: “Cornwall is the ultimate holiday destination for many people, owing to its location on the south-west coast of England; its beaches are amongst the best in the country and its relaxed atmosphere and climate creating a feeling of being abroad. It is so much more than the sun, sea and sand, it has its own unique charm, traditions and a dramatic landscape that draws all types of visitor. Many holidaymakers faithfully return every year and feel comfortable in the familiar environment and safe in this idyllic location irrespective of whether they are families with children, young couples or older travellers alike.”

CornwallCottages.com lists over 1,400 properties on its website ranging from small secluded cottages suitable for couples looking for a romantic getaway, right through to large family homes which can accommodate multiple family members each with their own room. The most sought after properties being those with beachfront locations, sea-view gardens and their own private swimming pools.

Self-catering accommodation looks set to become more popular as travellers value the greater amount of personal space and the existence of private cooking facilities that cottages and holiday lettings offer as well as the truly home from home feeling they provide. All this adds to help make longer stays much more enjoyable, easy and cost efficient.

Safety will be a prime concern this year, and property owners will be ensuring all the strict coronavirus health guidance is implemented and adhered to especially around cleaning. Thanks to their often isolated locations, lack of communal areas with strangers and private food preparation facilities, cottages and holiday lettings are more attractive than ever; as they provide guests with minimal contact with others, respecting social distancing rules and provide peace of mind for travellers who can get on with the business of relaxing!

“I expect lots of people will want to holiday in the UK, as they will see this as a much safer and cheaper option going forward. They will be able to use their own transport to travel to Cornwall, therefore avoiding possible time-consuming airport health checks and being stuck in crowds. They will also be able to get home quickly and easily if the need arises, especially in the event of regulations changing at short notice and without the stress and cost of trying to change overseas flight tickets,” explained Graham.

Cornwall has a wide range of holiday locations including the famous surfing resorts of Newquay and Polzeath on its north coast, small villages like Looe, Polperro, Mousehole and Newlyn, and the fishing villages of Fowey, Mevagissey and Padstow. It also has larger towns like Truro, Falmouth, St Austell and St Ives and world-famous attractions like Tintagel, Lands End and The Eden Project.

“We are the Cornwall cottage experts and unlike other online booking services, we are here to help people choose the perfect home with the right amenities to ensure they have the most enjoyable holiday possible! We are here to help at every step of the way! Customers can easily book online, but can chat with one of our highly trained team members at no extra cost, who can help them find precisely the kind of cottage or holiday letting, in the perfect location that is right for them. With a physical presence just outside Truro in Cornwall, we have first-hand knowledge of one of the oldest and most popular year-round holiday destinations in the UK.

For further information contact:
Graham O’Shea
Tel: 01872 672 344
Email: graham@cornwallcottages.com

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