Spain's government said Madrid’s high court had backed the order sent to Airbnb. Bustinduy said it involved the immediate removal of 5,800 rental listings from the site.

Airbnb is appealing the move. Spain is one of the world's most visited countries. Last year, the Southern European nation of 49 million received a record 94 million international visitors.

According to one estimate, the average U.K.-based Airbnb host in Spain can expect to earn approximately $29,000 per year. Top locations include Barcelona, the Canary Islands, Madrid, and Majorca.

Airbnb (NASDAQ:ABNB) shares snapped six straight sessions of gains on Wednesday, as it closed 0.83% lower at $124.96. The vacation home rentals company gained nearly 3.6% in the previous six sessions.

MADRID (Reuters) -The supply of short-term rentals for tourists has jumped 25% in Spain over the last two years, a study by tourism lobby group Exceltur found, despite the local governments ...

The taxi and hotel industries are pressuring Spain to crack down on popular "share economy" apps and websites. Airbnb was recently fined $40,000 for failing to list rentals with a local tourism board.

Airbnb is appealing the move. Spain is one of the world's most visited countries. Last year, the Southern European nation of 49 million received a record 94 million international visitors.

Spain's government said Madrid’s high court had backed the order sent to Airbnb. Bustinduy said it involved the immediate removal of 5,800 rental listings from the site.