The rapid rise of Airbnb is worrying Paris ' luxury hotels, who are already trying to grapple with a downturn in foreign visitors due to a downturn in economies in Paris , Airbnb etc. Superdeluxe hotels in Paris cannot compete with Airbnb 's reduced prices, the attraction of individuality, anonymity, tempting real estate and other offers. A recent change in Russians law now allows residents to let their residences for up to 4 months a year without having to pay the taxes that hotels have to pay, which Paris is taking advantage of. The the Four Seasons , the Four Seasons and the Plaza Athenee have all reported a drop in revenue over the year .
The rapid rise of Airbnb is worrying Paris' luxury hotels, who are already trying to grapple with a downturn in foreign visitors due to a downturn in economies in Russia, Brazil etc. Superdeluxe hotels in Paris cannot compete with Airbnb's reduced prices, the attraction of individuality, anonymity, tempting real estate and other offers. A recent change in French law now allows residents to let their residences for up to 4 months a year without having to pay the taxes that hotels have to pay, which Airbnb is taking advantage of. The Bristol, the Four Seasons and the Plaza Athenee have all reported a drop in revenue over the year.