It seems short-term rentals and hotels beginning to resemble one another. One reason might be that the short-term rental industry is transforming by the sharing economy, where millennials play a key role. 70% of business travelers of the generation prefer to stay in local host rentals according to Condé Nast Traveler. This trend shows it is no surprise that Airbnb is the hunted market leader.
Who will stay relevant
There are not just hotel groups like Marriott also the traveling platform Expedia entering the short-term rental market. The huge growth potential makes it among other strategic reasons so relevant to thrive in the segment.
So how Marriott will thrive.
Marriott is getting into bed with the short-term rental industry, and experts say the move will further legitimize, not kill off, the growing home-sharing sector. A Marriott Homes & Villas short-term rental in Anguilla “[Competition from Marriott] is a significant challenge for a player like Airbnb,” New York University Stern School of Business professor Allen Adamson said.