New Report Says There's No Proof Airbnb Is Hurting Hotels
Despite complaints from the lodging sector, a new report from hospitality research firm STR found no proof Airbnb is to blame for NYC’s struggling hotels.
The report shows 58% of Airbnb guests stay for a week or more, whereas only 4% of NYC’s hotel rooms are classified for "extended stay," which suggests limited market overlap.
The report contrasts an October study by HVS Consulting & Valuation for the Hotel Association of NYC, alleging Airbnb stole $451.4M of hotel revenues last year, The Real Deal reports.
However, STR’s report is the first to incorporate direct data on when listed units are actually booked, as well as aggregate revenue across listings.
One thing is for certain—NYC is losing money ($14M) on its hotel occupancy tax. But that could change if Airbnb’s new DC hotel tax spreads to NYC. [TRD]