Airbnb & Hotel Performance An analysis of proprietary data in 13 global markets Analyzed by: Jessica Haywood Patrick Mayock Jan Freitag Kwabena Akufo Owoo Blase Fiorilla Airbnb & Hotel Performance2 Table of Contents Executive Summary.......... Methodology and Data Sets.......... The Data Dilemma The Accommodations Landscape.. Market Overviews. Airbnb’s Impact on Hotel Compression Nights....... Airbnb’s Impact During Special Events...... In Closing. Contact Information..........6821 27 34 35 Credits Design Jon Edwards Editing Robert McCune Dan Kubacki Sean McCracken Bryan Wroten Danielle Hess Analysis Jessica Haywood Patrick Mayock Jan Freitag Kwabena Akufo Owoo Blase Fiorilla Airbnb & Hotel Performance3 Executive Summary Hotel performance continued to show strength while more hosts than ever were renting their residences on Airbnb, according to STR and Airbnb data. Performance data through July 2016 indicated hotels were following their normal cyclical trajectory, hovering at or just below the peak at a time when Airbnb listings outnumbered the world’s largest hotel company by nearly three units to one. As of July, the U.S. hotel industry had recorded its 77th consecutive month of revenue-per-available-room growth. During that same month, hoteliers sold more roomnights (117 million) than ever before. Those same dynamics largely held true in the following 13 global markets analyzed in this report: Barcelona, Boston, London, Los Angeles, Mexico City, Miami, New Orleans, Paris, San Francisco, Seattle, Sydney, Tokyo and Washington, D.C. Airbnb provided more than two-and-a-half years of daily data for each market, which STR analyzed and then compared to its hotel performance data. Among the most compelling fndings: high occupancy. hotel rooms) was growing, its share of market demand and revenues still was generally below 4% and 3%, respectively. roughly half of Airbnb roomnights coming from trips of seven days or longer. leisure travel. higher on average in our seven U.S. markets). 2016. Airbnb rates decreased in eight markets and increased in fve. Supply might have been a contributing factor in that latter point, as the majority of the markets analyzed in this report saw available Airbnb units increase by more than 40%—and in some cases north of 100% . When analyzing growth rates, however, it’s important to acknowledge the baseline. Airbnb is a relatively new presence in many markets, and growth rates often are commensurate with untapped potential. In other words, Airbnb has more room to grow in most markets, whereas hotels have carved out an established presence over decades. Airbnb & Hotel Performance4 The Airbnb demand story followed a similar narrative, with growth rates that generally were above 60%. Harder to assess was the nature of this demand— whether it was mostly incremental, as many of Airbnb’s most ardent defenders have argued, or whether it represented a roomnight that otherwise would have been spent in a hotel, as many critics have alleged. While competitive pressures exist across the lodging landscape, it is difcult to assess the interplay between diferent accommodation types with diferent operating models. Hotel inventory is fxed; a hotel room tonight is a hotel room tomorrow. Airbnb inventory can fex, as hosts take supply on and of the market based on their willingness to make privately owned units available to the public for rent. This analysis represents our attempt to normalize the data set, but it should not be interpreted as a true “apples-to-apples” comparison. That said, one can still glean meaningful insight and information from the data. A review of compression nights, for instance, showed no noticeable impact of Airbnb within the seven U.S. markets included in this report (Figure 1). The number of nights in which occupancy exceeded 95% had increased steadily since the Great Recession, reaching its peak of 76 during year-to-date July 2015. That number dipped slightly to 71 through July 2016, which followed a softening of several other macroeconomic indicators. Also at play was the 1.6% uptick in hotel supply in those seven markets, which should not be underestimated. This looks to be a small percentage increase on the surface given the high base of hotel supply (92,871,685), but the total number of new supply added (1,487,458) to these markets was actually substantial. 1516171315 27 43 61 757671 200520062007200820092010201120122013201420152016 Compression Nights for 7 US Markets July YTD Figure 1
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