Study ranks Airbnb ‘risk factor’ to hotel industry
Wednesday, 04 Feb, 2016
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The progress Airbnb has been making in certain US markets has been laid out in research from analysts CBRE.
Analysis from the CBRE Hotels’ Americas Research paper said Airbnb users spent $2.4 billion on accommodations in the US over the past year.
More than half of that revenue (55%) came from just five major cities – New York, Los Angeles, San Francisco, Miami and Boston.
The study period covered October 2014 – September 2015 comprising data from dozens of US markets comparing the sharing economy with the traditional hotel industry/
CBRE has created the ‘Airbnb Competition Index.’
It compared Airbnb’s average daily room rates (ADR) with traditional hotels, and looked at room supply at both.
It also drew up a hotel industry ‘risk ranking’ for each city
According to CBRE, New York was identified as the market most at risk from the rise of Airbnb, with an Airbnb Competition Index of 81.4.
Airbnb’s hometown San Francisco was second, followed by Miami, Oakland and Oahu.
"It seems reasonable that Airbnb will impact hotels in two ways," said R. Mark Woodworth, senior managing director of CBRE Hotels.
For existing hotels, the growth of average daily rates will most likely be curtailed. The other impact may be on new hotel construction. Airbnb may be an impediment to traditional hotel construction and it could reduce traditional hotel supply growth in many markets."
TravelMole Editorial Team
Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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