The Wall Street Journal reported this week that Berkshire Hathaway is advising attendees of its annual shareholder meeting to avoid the exorbitant rates hotels charge that weekend by seeking alternative lodging through Airbnb.
The meeting draws more than 30,000 attendees to Omaha, Nebraska, each year - a surge in demand that leads hotels in the area and airlines with local flights to jack up their prices. According to the Journal's report, rooms that go for $150 the rest of the year can easily rise to $495 a night during the shareholder meeting weekend.
This kind of price hike is far from unusual - just try booking a hotel room during any college's graduation weekend - but it has long irked Buffett and his shareholders.
Combined with airfare and other expenses, the trip to Omaha can easily run several thousand dollars. The billionaire investor told the Journal that meeting-goers should not be penalised with such exorbitant hotel rates, which often get tied to two- or three-night minimum stays.
Only a handful of Airbnb hosts in the Omaha area currently have rentals available for the May 3 conference weekend, but compared with the hotels they're a steal. One advertises itself as a "Berkshire Hathaway or CWS Rental" and costs $650 for four to stay from May 3 to May 4, or a little more than $160 a person.
