In this conversation, Daniel and Blake examine the shifting balance between hotels and short-term rentals, drawing on new data from Booking.com searches. They discuss why the share of short-term rentals surged and then stabilized, how seasonality and market size shape visibility, and what the new Listing Multiple metric reveals about distribution strategy. The discussion also explores regulation’s influence on supply, the varying regional impact from Europe to Malaysia, and Lighthouse’s new Short-Term Rental Market Impact Index designed to quantify local competitive pressure.