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The reference to the AirBnB valuation is completely misplaced: The best rated hotel chains don't own the real estate. Furthermore the ubiquitous coverage that AirBnB offers is unmatched by any hotel chain.

The current valuations reflect the perfectioning of business models and practices since the nineties. Everybody has learned a lot since.

It's not like 1999. This feels more like 1998.

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AirBnB only targets one of the major segments of hotel business. AirBnB almost exclusively focuses on the consumer market. Hyatt, the example from the article, focuses primarily on other segments, business travelers and meetings and groups.

AirBnB has the potential to take away most of the consumer segment, but they don't have much appeal to most of Hyatt's customers.

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