Lower-priced chains fear Airbnb, not luxury

Business travellers unlikely to use peer-to-peer lodging
High-end hotels don’t have to worry about Airbnb, but lower-priced chains do, the manager of a hedge fund has told a hospitality industry group.
John Khoury, manager of Long Pond Capital, was bullish about Hyatt Hotels at the Sohn Investment Conference in New York but said that the budget hotel market may be in for a rough ride.
Lodging is currently “out of favour” among investors, he said, yet the Hyatt share price has little chance of suffering from the appearance of new players like Airbnb, which is unlikely to damage revenue streams from business and high-end travellers.
Other Wall Street firms have pointed to the same trend. Cowen & Co., for example, says that hotels have a clear advantage among business travellers. People who have used Airbnb are more likely to use hotels for business travel, it explains. Goldman Sachs also says the peer-to-peer travel market has low penetration among business travellers.


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