Vacation rentals and holiday homes have long been a substantial alternative to hotels for European travelers. The market for private accommodation in Europe is significantly larger than in the U.S., and the direct competitive threat for hotels has generally varied depending upon the destination where hotels and alternative lodging compete for travelers. The rapid rise of Airbnb and the global digital onboarding of private accommodations worldwide through the efforts of Booking.com, HomeAway and others have brought home rentals into direct competition with hotels in a much broader way. Travelers can consider rentals in markets – especially urban centers where Airbnb has been strongest – that were traditionally the domain of hotels. The central question before hotel operators is just how much of a potential risk does private accommodation pose. Despite the growth of private accommodation and the mixed fortunes of the Continent's various economies, the European hotel market continues to grow, from €80 billion in 2012 to a forecasted €88 billion in 2015. Get the full story at PhoCusWright