The effects of Airbnb on the hotel industry have been debated in different academic forums without a close answer about whether its effects on the hotel industry are complementary or substitutive. To help clarify this issue, this article proposes a business failure model to analyze the impact of Airbnb on the bankruptcy of traditional hotels. In particular, we develop a study case based on a sample of hotels in the city of Barcelona between 2015 and 2018. In addition, we distinguish Airbnb listings’ characteristics such as type of room or market concentration to show an additional understanding of Airbnb effects. Our results show that Airbnb plays a double complementary and substitutive role in traditional hotels’ disruption. In particular, we conclude that Airbnb’s private rooms and the concentration of the Airbnb market in fewer hosts are the main threats to traditional accommodation providers.
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