Saturday, February 6, 2016

CBRE Hotels’ Americas Research Estimates Airbnb Users Spent $2.4 Billion on Lodging in the U.S. Over Past Year


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

       

No comments:

Post a Comment