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| R. Mark Woodworth |
Los Angeles, CA – Airbnb’s
presence in key markets throughout the U.S. is growing at a rapid pace, with
users spending $2.4 billion on lodging in the U.S. over the past year,
according to analysis from CBRE Hotels’ Americas Research.
Over the study period of
October 2014 – September 2015, more than 55 percent of the $2.4 billion
generated was captured in only five U.S. cities (New York, Los Angeles, San
Francisco, Miami and Boston), represents a significant portion of the lodging
revenues in these markets.
“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 fluid nature
of Airbnb’s supply suggests that traditional hotel’s historic price premiums
realized during peak demand periods will be mitigated.
“The other impact may be
on new hotel construction. Airbnb may be
an impediment to traditional hotel construction and could reduce traditional
hotel supply growth in many markets.”
CBRE Hotels compiled
select information for hundreds of U.S. markets to assess the relevancy of this
sharing platform to the traditional hotel industry. From this data, the firm
has developed an Airbnb Competition Index.
This measure incorporates
a comparison of Airbnb’s Average Daily
Room rates (ADR) to traditional hotel ADR’s; the scale of the active Airbnb
inventory in a market to the supply of traditional hotels, and the overall
growth of active Airbnb supply in that market, into a measure of potential
risk.
New York was identified as
the number one domestic market at risk from the growth of Airbnb, with an
Airbnb Competition Index of 81.4, followed by San Francisco, Miami, Oakland and
Oahu.
For a
complete copy of the company’s news release, please contact:
Robert McGrath
212 984 8267
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