I don't think the labels of "tech" vs "hospitality" are exclusive in any way. I think there's a good argument to be made that we should consider Airbnb a "hospi

I don't think the labels of "tech" vs "hospitality" are exclusive in any way. I think there's a good argument to be made that we should consider Airbnb a "hospitality" company, but ultimately the label of "tech" company is shorthand for a set of characteristics of the business that other sibling comments have called out -- large amounts of R&D, low marginal costs, and low CapEx. Their product is hospitality, but the company has operating characteristics that have more in common with Facebook than with Marriott.