> "Airbnb is like a hotel chain without the hotels." Yeah. That means they absolve themselves of costs, growth time, investment into that growth, location issue

> "Airbnb is like a hotel chain without the hotels." Yeah. That means they absolve themselves of costs, growth time, investment into that growth, location issues, the works. This is brought up a lot in discussions of AirBnB's value, but overlooks several important facts: 1. Real estate is an asset. Just because there may be costs associated with it doesn't mean that it isn't desirable to own. 2. A number of major hotel brands franchise and provide management services; they don't own all of the properties that sport their brands. 3. Hotels are able to capture revenue from revenue streams that AirBnB can't, such as events and F&B. This doesn't mean AirBnB isn't valuable, perhaps more so than certain hotel chains, but overly casual comments in the vein of "AirBnB doesn't have any buildings to maintain!" aren't the basis of a serious, credible argument that AirBnB is more valuable than major hotel chains.