In the course of a longer interview about Hyatt and its growth strategy at the soon-to-open Park Hyatt New York, Hyatt CEO Mark Hoplamazian said he sees no need for a direct business response to Airbnb, in part because it is offering a fundamentally different product than do his branded hotels. He points out that there has long been an industry that matched travelers with resident-hosted accommodations such as vacation homes. Airbnb has simply built an effective interface to make the process easier for a broader number of customers and hosts. Airbnb “has taken an entirely digital approach to creating the experience and creating the platform,” he says in the attached video. “That’s very different than focusing on the product and then backward-integrating into the distribution.” In other words, the real product of Airbnb is the technology to create a marketplace for peer-to-peer services – one that will likely have applications beyond overnight room rentals. Get the full story at Yahoo! Finance