Behind the sharing economy is the emergence of citizen power. And corporate world cannot escape listening. Research from Credit Suisse shows that Airbnb is driving down the cost of hotel rooms in New York. Revenue per available room—a metric known as revpar in the hotel industry— is down substantially, falling more than 18 percent in January alone. Credit Suisse’s report says that new businesses disrupting hotel’s revenue stream, like Airbnb, are driving down the cost to stay in marginal, independently owned, and boutique hotels.
Airbnb drives down cost of hotels in NYC
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