Oh mon dieu. According to an article in the Toronto Sun, the hotel industry's scourge that is Airbnb is spreading eastward into the heart of Paris. The French city reportedly has more Airbnb inventory than any other city in the world and it's leading Paris' luxury hoteliers to blink.
"The Paris market is going to get very difficult," Didier le Calvez, managing director of the Bristol Hotel told the Sun, adding that he, along with heads of the city's other palace hotels, denounce Airbnb "as a menace that enjoys an unfair advantage."
It is estimated that Airbnb offers between 380 and 400 Paris properties at over 500 euros a night. Of those, about 40 charge over 1,000 euros ($1,090).
The Paris luxury sector already has competition from new supply opening. JLL said that capacity will be 60 percent greater in 2018 than a decade earlier.
The Bristol reportedly suffered a 20-percent drop in revenue in the first half of this year and an occupancy rate that fell to 61.2 percent from 69.2. The Four Seasons George V saw a 5-percent dip in occupancy to 66 percent in the same period. The Plaza Athenee cut its prices by 20 percent last winter.