Published jointly with the Pillsbury Institute for Hospitality Entrepreneurship, this white paper makes a case for consolidating the short-term rental market. The authors delve into the challenges faced by today's biggest venture-backed OpCos; how the maturation of the distribution landscape, improved tech stack, and post-pandemic consumer demand shifts have combined to create the ideal environment for consolidation; and the potential for consolidation to bring about new hospitality brands.
Over 72 percent of all hotels in the United States are affiliated with large brands like Marriott, Hilton, IHG, and Hyatt. In contrast, the largest operator in the short-term rental (STR) market, Vacasa, manages less than 1 percent of the total market. With around $53.5 billion in gross booking value, or about 25 percent of the entire U.S. lodging industry, the STR market presents an enticing consolidation opportunity.
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About the Cornell Nolan School of Hotel Administration
The Cornell Peter and Stephanie Nolan School of Hotel Administration is the premier school for hospitality education in the world. As an integral part of the Cornell SC Johnson College of Business, the school is leading the world in teaching and researching the business of hospitality—marketing, finance, real estate, operations, and more, all applied to the world’s largest and most exciting industry. Top faculty, industry leaders, alumni, and students work together to generate new knowledge for the hospitality industry and form the premier network that shapes the industry every day.
