Queen Elizabeth II could earn over £1 million a day by listing Buckingham Palace on Airbnb
According to figures revealed by GuestReady, the daily rate to stay in one of the 52 Royal bedrooms would be £3,570
Figures released by global leading short-term rental management company show the palace’s garden would rent for £400,000, while staterooms could go for £16,000 each
Calculations were made by taking into consideration the daily rental rate of properties in the same area where the palace is located that provide a similar level of luxury
Buckingham Palace, the official London residence of Queen Elizabeth II, could earn £1,034,291.43 a day if listed on Airbnb. The figure was calculated by GuestReady, a globally leading Airbnb management company, to demonstrate how much the sovereign could profit if she rented out the palace’s rooms on the short-term rental platform.
The palace has 775 rooms, of which include but are not limited to, 19 Staterooms, 52 Royal and guest bedrooms, 188 staff bedrooms, 92 offices and 78 bathrooms. The overall figure represents the rent price for one day in the palace’s premises, including access to the property’s garden and facilities.
The calculations were made by taking into consideration the daily rental rate of properties in the same area where Buckingham Palace is located. GuestReady made sure its estimate was based on prices of office and events spaces, flats and hotel suites that provide a similar level of luxury that one would expect to get at the palace.
In addition, GuestReady accounted for the fact that with the high number of quality amenities offered at the palace - such as a private movie theatre, indoor swimming pool, post office, or medical centre - the daily rates would increase by approximately 50%.
According to GuestReady’s numbers, one night in one of the 52 Royal bedrooms would be £3,570, while those keen to stay at Buckingham Palace on a budget could stay in one of the staff apartments on a significantly cheaper amount for just £284 a night.
If you fancy renting out the banquet room, which seats 160 guests, you’d need to pay £16,000. If you’re expecting more guests, you can take the party to the palace’s garden where approximately 8,000 people are usually invited to the royal garden celebrations. Buckingham Palace's garden covers 40 acres and includes a helicopter landing area, a lake, and a tennis court. To rent that space out for one day, the price is a bit steeper at £400,000.
Steffan Maagefelt, UK Country Manager at GuestReady, commented: “Who never imagined what would be like to stay as a guest at Buckingham Palace? Millions of people around the world are fascinated by the British Royal Family, so we thought we’d crunch the numbers to give them a bit of a glimpse of how much one of the most famous properties in the planet would go for if listed on Airbnb. Even though travellers are still not allowed to book the palace as their next holiday accommodation, there are still plenty of amazing properties in London they can book through short-term rental platforms.”
Due to rising guest expectations, Airbnb hosts increasingly engage short-term rental management companies such as GuestReady to take care of their properties. At GuestReady hosts have at their disposal 24/7 support on guest communication, personalised welcomes, concierge services during guest stays, hotel quality linen and towels, and other amenities. This high-level of service increases the chance for positive reviews and secures the long-term success of properties. The same service is offered for properties listed through Booking.com and HomeAway.
With a head office in London, GuestReady is present in six countries across Europe and Asia: it provides Airbnb-management services to luxury rental hosts in London, Manchester, Edinburgh, Paris, Cannes, Porto, Lisbon, Dubai, Kuala Lumpur, and Hong Kong. Launched in 2016, GuestReady uses technology to enable its personalised style of property management. The company won the 2018 Serviced Apartment Award as the Best Service Provider and was short-listed again this year in the same category; was named one of the Hot 25 Startups for 2019 by Phocuswire and Voyager HQ; and was number 13 in the Startups 100 Ranking. GuestReady enjoys a TrustReview score of 8.9 out of 10.