The Caribbean Tourism Organization (CTO) has inked a landmark agreement with home sharing platform Airbnb to develop policy principles and recommendations for sharing economy stakeholders in the region.
The deal was inked between CTO secretary general Hugh Riley and Airbnb’s public policy director for Central America and the Caribbean, Shawn Sullivan.
Under the terms, both will share data and studies with relevant policymakers about the positive impact of the sharing economy and explore ways to make it more inclusive.
The partnership seeks to broaden its appeal, attract stakeholders and benefit more people in the region.
"The CTO is establishing a basis for mutual cooperation with Airbnb. It is important for us to examine all aspects of this important segment of the sharing economy. We believe that by clearly understanding Airbnb’s massive influence in capturing consumers’ interest in unique accommodations we will be in a position to properly advise our members and to allow the Caribbean to achieve the goals of year-round profitability, visitor satisfaction and sustainable tourism development," Riley said.
There are currently more than 41,000 Airbnb properties listed in the Caribbean, earning an average $3,900 per year.
As part of the cooperation agreement, Airbnb will continue to promote Caribbean tourism, aiming to help expand economic opportunities for Caribbean people.
