The situation in STR is not easy. OTA shares are down 20%, and $300 billion has been wiped from SaaS market cap. At the same time, AI is reshaping how guests discover, compare, and book travel.
Scaling in this level of volatility feels almost impossible, especially in markets like Europe.
In reality, some operators are proving the opposite. Growth is still happening, even in the toughest environments. And excuses are no longer part of the conversation.
The uncomfortable truth is simple. The market is not disappearing. It is evolving.
So the real question is, what do companies need to do to perform in this volatility on the STR market?
Many point to AI adoption. That is correct, but it is only one piece of the puzzle.
The real advantage comes from understanding what sits behind these rapid shifts. Some fundamentals in STR have not changed, and they are becoming more visible again.
People will keep traveling. As AI opens new ways to search and book, guest expectations continue to define what works and what does not. A better stay with less friction remains the core driver of repeat demand.
AI reinvention is no longer optional. It is becoming a condition to stay relevant. At the same time, fundamentals still guide decision-making. AI changes how guests discover options, but they still compare and choose what fits them best.
This week’s conversation looks at how the market is adopting AI, and how this shift is starting to level the playing field while making certain fundamentals even more critical.
STR Global Unlocked Podcast | Episode 28
EPISODE WITH JOHANNES SIEBERS, CO-FOUNDER AND CEO OF HOLIDU
The challenges are clear. Valuations are down, and AI is becoming the new layer shaping how people choose their next destination. It is easy to label this as one of the most disruptive periods in STR. The reality is more nuanced.
To understand what is happening, the focus needs to shift to what stays constant during change. Forty years ago, travelers called an agent, explained their plans, and expected a solution.
The same pattern continued with the rise of the internet. People still wanted control over choosing their destination.
Now AI is reshaping every step of that process. Johannes Siebers points out that the core behavior has not changed.
You do not delegate your final choice to AI.
You make the decision yourself. That is what defines the travel experience.
Johannes Siebers is the co-founder and CEO of Holidu, a company he started with his brother Michael in 2014.
Over the past decade, Holidu has raised around $200 million in equity funding. The company expanded its host-side business 50 times between 2020 and 2025. It now manages a portfolio of 60,000 properties across seven European countries, which still represents only 3% of the addressable market in those regions.
This gap highlights one of the largest opportunities in the European market. Johannes believes this supply will gradually open up.
In his conversation with Simon Lehmann, Johannes explains how AI is lowering the cost of technology and giving more companies access to tools that meet client needs. Reinvention is required across the board. At the same time, the fundamentals remain unchanged. When guests trust you, they return.
In this conversation, we discuss:
Why Johannes believes every company must become an AI company. At the same time, this shift levels the playing field, making go-to-market strategy and local trust the real differentiators.
Why Holidu saw an opportunity in the European market that larger software players ignored, and how pivoting from a marketplace to a software-plus-service model unlocked that potential.
What COVID forced Holidu to change, and why the additional eighteen months of product discipline before scaling became, in Johannes’ words, a gift.
Why 20 to 25% of Holidu’s current properties had never been rented before, and how removing friction, instead of adding distribution, unlocks supply.
How Johannes and his brother Michael divided responsibilities, built complementary roles, and sustained a co-founder relationship through more than a decade of hypergrowth and volatility.
What investors prioritized in 2016 versus 2026, and why strong unit economics and capital discipline were always part of Holidu’s DNA, not a reaction to market pressure.
Why brand will matter more as AI reshapes search and discovery, and why delivering on the promise remains the only way to earn it.
Connect with Johannes Siebers on LinkedIn to learn more about Holidu.
"COVID gave us one and a half years we didn't expect to have. We used it to keep honing the product, the processes, the engine, the model. And after that, we were able to scale 50 times in five years."
Key STR Trends
INDUSTRY CHECK-IN
The European market remains one of the most complex environments in STR. It is a continent shaped by diverse markets, with different languages, cultures, and regulatory frameworks. Anyone operating across Europe understands that versatility is essential.
Source: Rental Scale Up
Efforts to standardize the market have faced clear challenges. New rules have been enforced at different times across countries. Still, the process cannot be ignored.
As the May 20, 2026 deadline approaches, the key question is clear. What do professional property managers need to know when operating across multiple borders? This article outlines the critical aspects and key dates you need to know in detail.
Weekly News
WORTH A READ
Stay current on the industry. Each edition covers key insights, major headlines, and the technology shaping travel and short-term rentals.
To eat or not to eat? The great leftover food debate.
If you’re staying at an Airbnb, there’s a chance there’s leftover food. So, do you eat it or throw it away?
Thriving in California with a tiny home.
California is one of the most difficult real estate markets in the country, but one woman decided to take the risk with a tiny home. Here's how she made it work.
What do generations prefer?
A new study reveals how younger and older travelers differ in how they book their stays. Boomers remain skeptical of Airbnb, while two other generations show surprisingly similar preferences. Which side of the data is your business built for?
CLOSING THOUGHTS
The STR market is challenging right now. Valuations are down, and billions in market cap have been erased. At the same time, AI is reshaping how we see and interact with the world.
This moment can be seen as a challenge or as an opportunity. The industry has faced difficult cycles before, and this pattern will continue.
Those who recognize these moments as a signal to pivot are more likely to stay relevant and grow.
At the same time, one principle remains constant. Never compromise on the fundamentals. A satisfied guest who trusts you will return.
Disruption should not be ignored. It needs to be understood with clarity, so you can see what is truly changing.
This newsletter and podcast are brought to you thanks to AJL Atelier.
AJL Atelier is a globally recognized consultancy, specializing in the Short-Term Rental (STR) industry, known for our unique blend of trend forecasting, consumer insight, brand strategy, and innovation.
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