STR released their latest findings on Airbnb's impact on hotels in various markets. Findings aren't entirely new but definitely worth registering for the quick read. Here is summary of findings and takeaways:
- Airbnb exceeds total room nights of all legacy hotel chains but not all room nights are comparable to hotel nights. On an apples to apples basis, Airbnb is #2 to Marriott International.
- Hotels occupancy rates exceeded Airbnb's each day of the week.
- Hotel nightly rates exceeded Airbnb's each day of the week.
- Airbnb's share grew in each major market but currently only sits in the 3-5% range in market share.
- Airbnb stays are significantly longer in length and hotels continue to dominate business travel.
Bottom line: When tides rise, all boats rise. Hotels remain strong while Airbnb continues to growth on a much smaller base. Major impacts have yet to be seen specifically within the business market but traction continues for the mobile app offering the 2nd most room nights in the industry.