...Most Companies Unfazed: Most lodging companies do not view rapidly growing Airbnb, Inc. as a competitive threat to their businesses. During the second-quarter earnings call season, several companies repeated a plausible, optimistic view that Airbnb is largely creating new travel demand, primarily from millennials -- a long-term positive for the travel industry. Fitch Ratings is somewhat less sanguine and notes that during this earnings season an influential hotel owner cited Airbnb directly for negatively affecting pricing power around select large, leisure-oriented group events due to some lost demand to Airbnb. These are the most granular comments we have heard to date regarding Airbnb's impact on the lodging business. Only limited data is available from privately held Airbnb to analyze its lodging industry impact. More Supply Could Amplify Downturns: Fitch sees the potential for Airbnb to exacerbate lodging industry downturns, in addition to the ongoing secular challenges the industry...
