Airbnb rings up US$451.4m revenue in NY in a year

New York

AIRBNB's room-for-rent business model is hurting New York's hotel industry. And while individual hotel chains have been dismissive of the San Francisco-based startup, the organisation that represents them is going on the offensive with its first-ever public disclosure of Airbnb's impact on the lodging industry in one of its biggest urban markets.

The tally: Airbnb accounted for US$451.4 million in gross revenue in New York alone in the 12 months through Aug 31, according to a report commissioned by the Hotel Association of New York City (HANYC). That number will jump to US$805.3 million in 2018, the group said Friday.