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hat started as an air mattress on three former schoolmates’ living room floor has since blossomed into a hospitality giant, valued in excess of $30 billion.

Over the last decade, Airbnb, which owns no actual rental real estate, has sought to disrupt the traditional hotel industry. By and large, it has been successful — last year, according to data from Second Measure, Airbnb generated more money in the United States than Hilton, the world’s second largest hotel group, andnarrowed Marriott’s lead over the market. As such, Airbnb now accounts for 20% of consumer lodging spending in the US market and continues to grow at a faster rate than the world’s three largest hotel chains.

Airbnb’s growth has had a significant impact on hotel revenues. Researchers from Florida State University, Boston University, and Texas A&M University recently found that for every 1% increase in the number of Airbnb properties available in a market, the industry saw average revenue per room (RevPAR) decrease by 0.02%. In New York, for instance, every 1% increase in available Airbnb properties saw hotel occupancy dip by up to 0.1%.

Airbnb’s success is largely down to the value for money that it offers, with 70% of guests saying they book homestays to save money according to Consumer Reports. Likewise, 58% said they were seeking unique accommodation, while 53% wanted accommodation that offered access to a kitchen.

Despite that, studies show that Airbnb is more of a threat to the industry’s growth than its existence. While some 60% of leisure travellers who stay at both hotels and Airbnb’s say they prefer home rentals over hotel rooms, 68% of business travellers say the opposite, according to Clever Real Estate.

The same Consumer Reports survey found that safety concerns put 55% of guests off booking homestays, while 40% didn’t want to interact with the homeowner.

Located in the heart of Paris’ Opera district, the soon-to-be opened Kimpton St Honore Paris hotel offers guests a seamless blend of 1930s-inspired architecture and the elegant contemporary design that modern day France is famed for.

In keeping with the rich history of both the building and surrounding area, existing design elements have been kept intact, including the original 1917 Art Nouveau façade, characteristic staircase and unique elevator, all of which have been carefully restored.

Inside the hotel, the interior décor designed by French interior designer Charles Zanahas created a blend of historic and modern luxury. This concept can be seen in each of the 149 guest rooms where floor-to-ceiling windows and carefully selected artworks adorn the walls.

In addition to the guest rooms and suites the hotel is equipped with an indoor swimming pool, gym and a Spa with luxury treatment rooms, as well as a California-inspired patio restaurant anda rooftop bar and garden that offers 360-degree views of Paris.

Jean-Paul Dantil, general manager of Kimpton St Honoré Paris, said:“France is famed for its hospitality, and Paris for its art, design, culture and admiration of originality, so we are thrilled to be delivering Kimpton’s philosophy of relaxed, stylish and uniquely personal service with this magnificent new flagship hotel,” says general manager of Kimpton St Honoré ParisJean-Paul Dantil