Presently, the sharing economy includes services like cars, bikes and even scooters for hire. Though, no company has advanced the market for home sharing quite like Airbnb has. The company threatens the traditional hotel market, where profits have been on the decline, according to research conducted at Harvard and MIT. But rather than simply improving existing properties and loyalty programs, solutions customary in the hotel industry, Marriott has decided to follow Airbnb’s lead and create a home sharing program of its own. Stephanie Linnartz, global CCO of Marriott, says they’ve embraced that technology platforms have increased the availability and affordability of home rentals and B&Bs. A study conducted by hospitality market research firm, Phocuswright, found that 3 in 10 travelers booked a private rental in 2018. To compete in this market and distinguish itself from Airbnb, Marriott’s Homes & Villas program now offers 5000 premium and luxury homes for rent in 190 locations around the world.
