Great analysis, but what about the risks? Large cities with too many tourists and very high housing prices are starting to regulate against ABNB. Last example is Barcelona where they are gradually shutting the possibility of short term rental of homes down. From 2028 it will be completly illegal. Others may follow and because expensive and crowded cities are a problem many places.
If you listen to their conference call, that's not really their business anyway. Most Airbnb's are where hotels aren't an option, so more rural places with large spaces. I also don't think regulating against a concept like Airbnb will work long-term. NYC has already seen hotel rates skyrocket as a result.
Airbnb is very oversold. Brian's vision with Experiences and AI overhaul will take a few years but I think it's worth the wait. And I was surprised to hear him talk about doing somethings with Hotel Tonight.
