Washington D.C.: Recent study has found that the exponential growth of Airbnb is shaking up the hotel industry as it is devouring an increasing share of hotel revenues. Moreover, it is dropping down room prices and occupancy rates. The research published in Tourism Management examined the effects of Airbnb in 10 major United States cities between 2008 and 2017.

"This is the first study confirming the negative impact on those three key metrics in the hotel industry. Increased competition from Airbnb is mainly affecting hotel prices and revenues, but occupancy rates are also down slightly," said Tarik Dogru.