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Hyatt's P/E is over 40 and I suspect its margins and growth potential aren't great.

A possible way to look at Airbnb is that they have 200k properties and 200k contractors that get paid a percentage of the revenue they generate.

They aren't in the hotel business, they're marketers and matchmakers.

Valuations are about profits, and sustaining those profits. Tech companies can scale quickly, use fewer employees, all with less liability.

I wonder: what does the average number of nightly bookings look like for both Hyatt and AirBnB?