Correct me if I'm wrong, but hotel chains like Hyatt, Hilton, Marriott, Ritz Carlton, etc. are franchisers. The company may own and operate a few hotels itself,

Correct me if I'm wrong, but hotel chains like Hyatt, Hilton, Marriott, Ritz Carlton, etc. are franchisers. The company may own and operate a few hotels itself, but the vast majority are owned and operated by third parties. The hotel chain is essentially a booking service for others who want to rent their space. In that respect[1] Airbnb is not very different. The bad news is, that's partly why they're facing regulatory grief. The good news is, they could easily be worth more than a Hyatt, because it's not as if Hyatt is worth X due to owning so many real estate assets (they don't). [1]: In other respects, of course, it's very different. Airbnb doesn't franchise. The owner/operators are mostly individuals, not professional hoteliers.