As with other classes of consumer products, that’s particularly challenging for the big legacy brands. How do you make a Hilton hotel into an experience that’s different from what you’ve done before? It’s even harder than it is with other types of consumer products because a hotel room isn’t something you can just change overnight.

What’s a hotel brand to do when new entrants come into the market offering something different?

Big brands are trying to adapt by developing concepts like Hyatt Place that offers hipper looking spaces in destinations that are more likely to attract younger consumers. Accor says it is venturing forward with its own form of Airbnb and it is contemplating buying some of the outliers. Marriott is also creating a system to compete with the upstarts.