Airbnb and Hotels: What to Do About the Sharing Economy?
The sharing economy seems to be going from strength to strength. The poster child of sharing, Airbnb recently had a valuation of $10 billion and reported revenue of $250 million last year. The company, which allows users to rent out their spare rooms or vacant homes to strangers, overtook 10 million stays on its platform last year and doubled its listings to 550,000 in 192 countries. This has led Fast Company to speculate that Airbnb would “usurp the InterContinental Hotels Group and Hilton Worldwide as the world’s largest hotel chain — without owning a single hotel.”