At The Deal's Corporate Governance conference last week, former Starwood (HOT) CEO Frits Van Paasschen said the lodging industry is not immune to digital disruption, adding that Airbnb now has more listings than the three largest hotel companies have rooms. "If you look at the online travel agencies, a company like Priceline (PCLN) that has Booking.com, it has a market cap equal to the combination of the major hotel companies," said Paasschen, noting that "digital disruption is a reality in any business." But this disruption is critical to comprehend when evaluating a lodging company's board and management. Paasschen said the question is: "Can you find people to put on a board who understand both what's happening in the new world -- the digital world -- but also have a perspective of what the challenges are to make a transformation in a large organization with all the legacy systems that you have, all the different changes and behavior and process that need to be undertaken?" Get the full story at The Street