Skift Take
There have been a ton of layoffs in various areas of the short-term rental industry over the last year. Facing headwinds, companies are trimming costs and trying to position themselves to new market conditions.
TravelNet Solutions laid off around 15 employees Thursday, roughly 7.5% of its 200-member workforce, a decision the CEO said was about shifting resources toward engineering and its core property management business.
TravelNet Solutions’ Track property management system for short-term rentals is considered the leading provider to larger U.S. companies in the sector. It provides services for roughly 90,000 units, a former employee told Skift. It competes with solutions such as Escapia, owned by Expedia Group, and LiveRez by Inhabit.
In an interview Friday, CEO Ryan Bailey confirmed the layoff totals, but said the company is investing in engineering hires so the net workforce reduction