The industry also faces a lingering, low-level panic about Airbnb and what the home-rental business will mean for the sector—particularly in the battle for millennial loyalties. Investors “think Airbnb will do to hotels what Uber did to taxis,” says David Loeb, managing director for investment managers Robert W. Baird. “But it’s just not a fair analogy.” If anything, he argues, the data suggest that hotels and Airbnb can peacefully coexist. Even as Airbnb surged in 2015—the company estimates that its network housed 40 million guests, double the number from 2014, in 34,000 cities—hotels scored a record-breaking year of their own. In November, the most recent month for which numbers are available, occupancy rates hit an unprecedented 66.7%, while average room rates topped $120 for the first time.