The author doesn't understand much imo. He compares a hotel chain with a limited number of properties, hotels, and exponential growth, to airbnb, which can blas

The author doesn't understand much imo. He compares a hotel chain with a limited number of properties, hotels, and exponential growth, to airbnb, which can blast past the number of booked nights of said old hotel in as little as a few months or years. The valuation is very high because it has proven it has the ability to take on the whole industry, not just one chain.