Airbnb is no threat to LA hotel market: report

Number of short-term rentals is growing, but so is the average daily hotel rate in La La Land

Waldorf Astoria rendering
A rendering of the Waldorf Astoria hotel in Beverly Hills (via Oasis West Realty)

From the Los Angeles website: Despite forecasts that Airbnb will hinder the hospitality industry, hotels are actually flourishing in Los Angeles, according to a recent Moody’s report.

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The onslaught of Airbnb listings, which now tally to over 2 million worldwide from just 300,000 in 2014, could drag national hotel occupancy down by 1 percent in 2017, the report forecasted. But that may not be the case in La La Land, where the average daily hotel rate rose 7.5 percent in 2015 and more than 9 percent in the first eight months of 2016, the same analysis found. [more]