Excerpt from Multibriefs
Today, Airbnb has already served more than 200 million travelers in more than 65,000 cities around the world. With a supply of more than 3 million listings, Airbnb has more available 'rooms' than any hotel chain in the world. It was inevitable that Airbnb would make a significant negative impact on hotels due to its increasing supply and the low entry costs for Airbnb operators.
But hotels are fighting back. They are trying every possible way to stop the growth of Airbnb.
- More hotel chains are entering the short-term residential rental business. For example, Hyatt just reached an agreement with The Oasis Collection, allowing travelers to book "handpicked" homes that meet hotel standards. Earlier, Wyndham also purchased Love Home Swap, a startup that allows people to swap homes.
- Hotels are developing new brands that could possibly meet different needs from various travelers, including those who usually favor Airbnb over hotels. Marriott, for instance, opened several Moxy Hotels in the market, which is considered by the company as the product that can fight against Airbnb.
- Hotels are pushing legislators to impose stricter regulations on room-sharing operators.
- Other makeovers of hotels' existing products/services include: luring customers to book direct on the hotels' website with guarantee the lowest price in the market, as well as reinventing their loyalty programs, aiming to attraction new customers and at the same time, keeping their existing customers happy.
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