Airbnb is making some major changes to its business model to further compete against big hotel chains and online travel agencies.
The company announced Thursday it's adding four new property types, "Collections" listings for travelers looking for a specific kind of rental, new luxury tiers of service and a membership loyalty program.
Airbnb seems to be taking a page from hotels and online booking sites that offer different price points and brands to attract more customers.
As Airbnb's CEO said in a statement, "We want to go further by supporting and expanding our community so that in 10 years time, more than 1 billion people per year will experience the benefits of magical travel on Airbnb."
The company launched Collections listings for families and work Thursday and says it plans to roll out other changes in the coming months.
