The reason the impact isn't there yet is only from a need to market more and make people aware of the alternative means of renting temporary lodgings. That is quickly changing, and it will take market share away from Starwood in the U.S. market as that happens. That's important because even though the footprint of Starwood is larger internationally than it is in the U.S., it's more profitable here - and with the traditional hotel industry suffering erosion from its fast-growing competitors, Starwood is going to struggle to maintain its performance in the years ahead. Airbnb and others are nimble and quick because they're targeting properties that are already in existence, and don't need to secure financing, erect buildings, and put a staff together in a specific location. This is the scary part of the disruption, and to give the appearance that this is only going to disrupt the low-end part of the market is something I believe isn't going to hold as the new industry matures. Going back to the Boston University study, if every 10 percent increase in supply has a 13 percent impact on revenue, it won't be long before Starwood and other hotel chains feel the growing impact of increased supply from these relatively new competitors. Get the full story at Seeking Alpha Read also "Here’s proof Airbnb is shaking up the hospitality industry"