Airbnb and the Hospitality Industry Are ‘One in the Same’

Alex Allison (left) and Dustin Abney (right)

The Airbnb economy is evolving to be more like the hospitality industry, and as demand increases for vacation rentals, hospitality mainstays are adopting the Airbnb model. While the alternative rental industry has evolved substantially over the last decade, the market will continue to evolve for the next five years with an increase in institutional ownership, asset class creation, and hospitality. This year, the revenue is expected to reach $30 billion.

“They’re becoming one and the same,” Alex Allison, an investor in D. Alexander, a new hospitality brand, tells GlobeSt.com. “This evolution is being driven by a greater degree of accessibility to travelers, high-quality property management for owners/operators, and a competitive yet unique value proposition. Traditional forms of lodging and alternative forms of lodging are displayed side by side on the OTA’s, providing more optionality to consumers. Vacation homes are now available through Marriott, Google Hotel Search, Kayak, and other OTAs alongside traditional forms of lodging.”