The advent and rapid expansion of the sharing economy are changing the accommodations industry. The avatar of this change, of course, is the rise of Airbnb, which has grown from a tiny San Francisco seedling called “Airbed and Breakfast” into a global player – but the change is much broader than that.

A number of major short-term rental players now offer over a million listings each, and investments have been pouring in. The hotel industry has begun to innovate and adapt in response.