It seems that Airbnb has a new fan, Warren Buffett. According to The Wall Street Journa, the billionaire investor is planning to mention the website at Berkshire Hathaway Inc.’s upcoming annual shareholders’ meeting on May 3 as a low-cost alternative for shareholders who don’t want to pay the jacked-up rates that Omaha hotels charge while the gathering is taking place every year.
Berkshire’s annual meeting, held in Omaha on the first Saturday of every May, is a huge event, drawing more than 30,000 attendees. With so many out-of-towners, Omaha’s hotel rooms get booked pretty fast, especially the ones around the downtown area where Berkshire hosts its meeting.
Berkshire shareholders have long complained to Mr. Buffett about the high prices.
This price-gouging annoys Mr. Buffett, who says shareholders shouldn’t have to pay through their noses for a trip that, when the plane flight and other expenses are included, can add up to several thousand dollars. (Another annoyance for Mr. Buffett: Airlines also raise their Omaha fares for the weekend.) Many shareholders bring their spouses or families along for the weekend, where Berkshire’s more than 70 operating companies offer discounts on their wares. What’s more, many hotels enforce a two- or three-night minimum stay for the weekend.
The above article was sourced from an original article written by Anupreeta Das for The Wall Street Journal which can be read in its entirety by clicking here.