Airbnb a force to reckon with in luxury: Four Seasons CEO
After Airbnb purchased high-end rental service Luxury Retreats in a $300 million deal, five-star hotel chain Four Seasons CEO Allen Smith said, "they will be a meaningful force that we have to reckon with." The purchase puts Airbnb in competition with Four Seasons' own residential rental service. Smith discussed "the Airbnb effect" and "speed in which the market is changing."