NEW YORK CITY—Judging by comments in their second-quarter earnings calls, most lodging companies aren’t terribly concerned about Airbnb as a competitive threat to their businesses. By and large, they see the popular website as creating new demand for travel, primarily among millennials. However, a report from Fitch Ratings describes the ratings agency’s view as “somewhat less sanguine” than that of the hotel C-corps and REITs that addressed Airbnb during the Q&A segment of their recent earnings calls.

“Fitch sees the potential for Airbnb to exacerbate lodging industry downturns, in addition to the ongoing secular challenges the industry could face from lost demand,” the report states. “Airbnb listings are likely to spike during recessions when labor markets weaken, forcing some individuals to find alternative avenues to meet financial obligations. There is anecdotal evidence of this already occurring in high cost of living markets like New York and San Francisco, notwithstanding current tight labor market conditions.”

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