> AirBnB's valuation is 25B. It could make a trivial dent in the worldwide hotel market and crush that valuation many times over. How defensible is the model w

> AirBnB's valuation is 25B. It could make a trivial dent in the worldwide hotel market and crush that valuation many times over. How defensible is the model when then either don't own the real estate (even McDonalds is famous for making money this way) or have contracts to manage the real estate (as many hotels that are now management companies do). Right now they may seem to own both the people who have places to rent and the people who want to rent but in no way is that as solid as having actual hard assets (or even long term contracts and most importantly a hotel brand). Or even in the case of an Amazon warehousing and logistics (or owning actual data centers).