Research
April 11, 2016
Four Seasons mobile app
By Forrest Cardamenis
Online travel agency Priceline and home-sharing service Airbnb have higher valuations than any hotel chain, according to a new report by L2.
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yJ4etW0kZ\/cgOe5W300MvDoJq3ABKfGXojvXWkvwYqOT\/wV3wVvSJwjugizX4db+iHmHB0jgJMAVyBYPPLXdWJ+aLDwJJPWTdWSlqMEwmO\/BMKyAb5q7wSIcIUYBBWpC6xwWZ\/AmkhuLCcXTiKkp+Df7J+SXFrOlbJ\/pCQQpLAYF++T\/k+i9VEL64OIQ7QxublXpgs7w+MYiJUUu6U7Xly0I0J6Nl4vBxMcjtsaQ764Sdhg7tngyxGcN2P6j3tE4i4fneOX4qurvVWfHimBVvP2fMmbNzZ6d8gYLLn7iAD1lNIF\/WUzRStUEMNkGJP+getboHkf2b0V+hKdGhZ3mWsDqPlStHIhdFgNPMcs6Hf4T+1n6BkXd762p7Gt1EKduD\/Cyya\/EeMt63Qmww0HNi1Yv95kxqDoPtY2vQsUOgkyUq8jb0kvxkin7Lw3IfZFnb8Y5g9X\/fWnULrhbdXDVhyqe7Yy8oo820JC3tV77vEvd2ZB4GsLd+GH0iz9mlh53QAdF7HmCVGEK8Upib\/FuoVG\/LozayWNrJgpp79TTedqpH+W9pJVlKJDLOmFSKYB6LaUeY1o1Zd030AIiyg\/HMOWIGSCdSuEyuvwvPA6d3cJvIafUiDMlQbQJT2BmaEt6W0PYhMWlVnTjV0DoXVmTbzU69l9X0EuxCXPHhvUxS59mtAZQwI\/J+KWvHsaAXDr1pW8EGwNwTOjbpJkUjZHz8i+qJ5st23uWoG1sKfbJCciXc2p4Inun09t728+\/6cAo1oIR+2HWLrkikP0R69X7BZPEqpGHhHkxBNU1OA1Whop7D2OyVCzk18+koHnYYQGbRHRCSlPhBdvvEBSL6nfgW2NG1cD0sJeiNu7JWAvdzdPkjo4bk4wkBGrpnWmsHcW52KH+Roy6vneEIXRkGmRdZblbyum9kX5ZRVkAp20x\/LVxGrRnNVgdYkATm6\/zGi9t0z4HQULTvRBu+nXUzZIYII6KBwU\/CCjUYRst0ZwuHhLVT+tAA1RbpUgMf+DgGtaCTxPn5MbzL3RK4sZ2Qkw0D4F8TA34VCX5aUs3TA26Oy2xBMMvFikZO5OgZhzXcp8P9uMR\/hb2hH\/mBG9sp3F5f3DYHwTU34QlWPmdpwMUhUHVG9sbT4wU9Z\/bevgVPRZR\/o91Kiw\/KOBDcMo+uJckpwICnJyjfCxjM6LoqtQF73KsFFHF56ceKsuKQpThP7o8kDvjgh1aCOhU1U+Q3\/t+JXMd\/Jxk1\/kLPFAiV7RGkKvD3tvodCbFPZmwJ7nbxHWPrWtmDEDCQipPn\/2ZenB7vpQdQpcmRsk3lePxiMINXP9CQwSCPy4q1OozE1gZZ3KM+XDUiax1tpNylgwwZoLhkMZRoIF8j4eHTfmlWEr1Sv4Eyll6\/JzjLZ6DbeHorypUVfdnN1EBl\/FKSEKL9qg44V7a8bD9o7iXoVp3yP\/k\/NdS5ob56cEvE0AV6TXVdqqgDR19+68oh5TVx40DRjOiPdTEptrLqySkkUN4+hT9lHpts4xK4HnWKJj4EAhd0kDs9hSoPvFUi0\/32ET90P92NLA2hFLwYZiqq9UcDyJdZv3cHhKhD97FCXqz\/yWRFs8OGoEohpLhv9FkfunzSk5Y5jVGHiIRg9QvtdFs8tScdpTNFIxEaJDqCgi6CPkLyuRollWEisU6WDnWoWlt69CDGTkWluREw\/35KIcxEiypeDjZo7\/yf6J6da7rveXqmePfvJWgXmqMAGekGcFsCn+0bH8gAJ5MRBD2yr02K6KQmTu6FBe7sg5s\/fywB9092qxG55N1hdsrJgrlREZ3QiMtfOrsqhl+7xl6M2hJy7gSIAR46MaYDGjYV0aeG3D+wMV+ihhXECcoUO9gMyu7+rq0thL6p+nRcQ5m1rATFpcnW631JV2e70h5w16sijqFZ0IRiUSsrj9H\/sO+Rx6STLpXr\/iijjbDkDpXtHx0aKObtGZXV9aDTzTK\/UzmKsTid6JUekn+MZJ2wE1K4pEtXLG4c1ZO2msLMMH1w52uP5vS3do\/NE+hJMyxOTA9m7xbQwTzsfaqKn+qY1WFQ+5ZkNJ9chUhCW1iDD+ZtpkjaQ\/sZhsZjsYcIh7T9cYONvrR4ZoZ7sI4HTLCviPnww1Oc6w9m36yeqgr\/1Q\/HRQ20HeMIcw8HI8U5\/2SqaTNits\/4kB7P0ixqgPT52skVLoCbU2lpjBmdTcLM9wnfsp1\/QoQHUWzAsCNKQ8vjnlaIlFZ33WaBOPWv49zSqj\/QiZaQMxbThwtemi29TzldTc1m8Pm56hIzIBbRumttkjMviKI2FNi2m9jC1nHkMdB0NORcrK3eRqejSl4Qkk7JI9IaIep48vakajEjkKM5aDuziokJiHN9ZJhbPByfM74MnUx3JKACURei9MMVbERTPnjtj6RVLAuBw5y+H1lKmK+OrelNOxiKOcC4mhVC+M5iy9GJOnsBeun0J+NRSBlV\/LxJvdF4IEmSyw27QwCSzS8k\/wuc1+9k2GwC191x6GYP9ZsU5eZDvzySSMoM5p+hkt1z+WINHHA4PYVKi1JcONR87qzhuqgaJCSXtUm3uxEatHILg1PwT+sS1LC24aj9aitPFt\/5uwHqH0B4z0pb8X\/sFB0XI3oJA8+OuGYjqJ9Za+ccQd4VkXoREGP8916UzJDQLugazB1k1tSoOzk\/7a1wUXqHV0gHlJa5ih4hUR9WXXDxBzIo2PoOiXVGyb+NMsBD+WspBeAIyWyLZpTZ1sK6UGAG083fVR3lXeEWnctadKYz42KnPn007INMPR4\/xXBiPYBO9b9X8dWNNjxm8KyQ1ET3Gwgfo223Tx3MDVvHfQMU3lEesLM+1RlzeRWWjP2\/V6vveVFQT\/dffHnMcrLAGOrtMk5uoZy5w404ADehRSDdrWFU8tSojQ5e9eOMSX4T4bcQbiAMOVN\/lixeucNy2ejPHAwzFuGt8jCLzthYAg2BvxJIwe80aPgs6+kt8kunHs\/TB+5r3+nU7oc4nCos08BuyofO0GEIWF5v\/r0HHZE4bCI68qyTa8VteH7pTRZawWm7fhLWd2K+E+bB\/BdtsToY9vpjC8kddu8Djr0D\/DYvdqdHmvMXvQL+nY13LhryikWesweOgMdqtBeqTzklGkglYW8xOoaU21YScQkZXAkd3bwddCizu\/Vjj3ZaXtYJjLhOkewtTPY0rca21o2Cdqo5Oc7IML+v\/1qo+b7Ck0vpL7VNoA0q+2PHj4bhyQXwZhsAzjDXE2LeJIscjEZrKflmC6kMVJZUNxKMVF1\/MQ3gNbOljGIvG+MgQj5trvhuKdjcJI26dK6rCGluMHDGRz6EXQh7fQ75S3z+973DqUQSHzUerxfG9xASjBelbhsGkIo6\/iFYtGrzSP5+tq2V5ZAMJE35loc4+0S8e6msGQuWBugxyJHTiae3HI5TqXehtB7m867K7iFPTDfN0tVSdEbPcVAzHLJOlM+sfU2nbH1kiqrAAyOEPBBD6H0jgpY+ds3zRn2iFLJ7FEbwxsSO85DgkQOzfkQ0QSUTO6FnIIb8IeeoEaL8Ow3xLxCa6piGY+PxfFPnA99mSF8RGJK8wDcl64aTW2xaRQDLuRclkb9wM3nUoxCr4UzEzgFrrp8RU6rSnZWR+pUPOyEyuEsyEqi81E9DaCu2f\/MFsQWgHNs9UYrSRPcUw4J4s+YBN3AcnGrU0Z\/jsdiLZnLDxcxqmM5FP0EriwlOB2BG1vYjO4+LkB4RGyBMgXCTrNBBOrlEQSNJpaXbm39\/tu51nqQxOUn+T\/tiHUOjGCuiMJ8YiTi+jyeVRaNNQAqhXRp1QvlG6pgAy9u5fqqqzeUHOEz8gB3\/dofx0gbaBMJEOSqOIWg95GmrPGuVyAeV8UjYSU9qu4meweJblUVzz6UCP8KQ1d7LkDLbQ3+fMwYTkaObuLTC0vzGw016dAwFxQWbjxfRMtaILPj7sMvddp2L5zB6UB5SEvXaH\/pF99hWMq5m2YEyIdt33ogn2vLjF9OkOfhgudQLS6Mfy\/kAsiuyUURjJl0Pc35+JdKTydHEXAasd+kbVOFEVTWeVmoIxJT\/\/Bm\/U55J5q2PvvOs6wOzpRkY420CumasNODRIPpw6skC0ufuNieeskNkCqrcDIA1PvFP2eTqIEE6n4Zt1mbXg+tnFc37YcCzTP4hE1K3cZKcslCWwlm4a+wW07k3huEHfTZwjx70vNmpRbw1WuT7Jqd5StAS74n9cG9ZBfYzQZx0N2N45OWOfBdFdRb2pU3Cz7Ol1ljCwoPYOu6tOQNsaJc4n+nGFmso0x4VXUbWhKoWruio0N8puK5N3cV28p3WLeMGWIZSXt0BE0kDWPjSAvyneveJDVwh\/0gv1Y6vdjF2Xcc8rAADIiN4SC++k\/pPTaxGc3706xDKfEwXEhmjpJpplD0FwnKwFRQmpgwdgoAMow+jKwNkissgil96cxOK3tywrgK+0zoTtiGSnlzUQcq6BqRZmzKuergmkw1kexVaJcd1uolcpgbtexnAj8Z5\/uV\/GcVRdJWBzJKYeeKhLRmMVFND7NsvQ\/lZNrR5kOXMzQl8J8cEjL7xYmR3qMmuDEkTqp6cbFe7nT2fRJEMjdXpdC9Cr5cWm+ut+DojbjsIvdaJ6II8NozH13aQLiZOOPkKFYrLpOfFQCt4RDdVihTLc5g6pErbl3ziNQMvfElDCcR7DRR6JqXodVGQASPkUWHI8FjiQaK2\/XxSnMN6CS1KQLU6gofGpataF2mwGZNu0pfq1dvdUr4rWLzo6ZPdqniv\/LKgqhre9PHVH+6+9tkxlPJNkQn2ej+5ZiOJa5DUbfKMfIMFQ7JO9zY9i3ZtwZEHb2LB2YDg3kPyqNmRQrmvr8kDlOxFHnkUeRjb85GtACasFLWKut0PC6lhY2SHkuOFiwHvP5xGsZh77SY2lLz+P3BYHm0UbePp5bBdESHh7ReEP3ygJfrJWu9GVGe5BXWb0sbPHUusy5PXG9Zzq5amo9HIFLBNtzYxafty3BdHcQ0cHI701kH1d9gvY8dNsYvSpI2Pd84InAexawADjGBLR+piJOQ7p6uRHRaVZA3dcX7v6VstBBGnFDnp9PBncVrvGSz1K2W+VoF\/D6J\/zbSt2AWvOJ5kl5Heb5rVAhN07BQz0WOulrQdUacliGskqkmur35h4LyIq54vu1z4ijvGItmHB++O\/L2S9UZTDhGBTyOMEyNwwkyxHL5seD2NR4V13BqCDYhYnV28fiTfCIJRmGEPVaFOnpybwfJrIcITFk8wRex6RL3Se66fVVCOaHWPEfA1PlWbwbHHRx+j2QdN6tcpr0iJ+4US+wgqA+\/DtIQR5X2s33irrbG\/tMDAOKEx7+ucVN2sRdfte+JZnQqm03tYNdTO+cYwj8fcQ\/OL6IXcC2FcVuUOYaGztrNogvIMndN0Bu6howrNnr0Va2a9ERbG8Y0vEEu7zxTtWHjlUHYpKsg+QVWLIy\/Ls5zO+YbFsAkRVjKZgiawMUEBhUiNxQrzlQhp\/lOpCaTcXFKwPlQoVxX0\/CRkdJNvPYzxmlNoekJN1X4IdyzRUGlRjcsh02y+5TUlQJNEKRCYxvIKqNQ\/DZztCugfj5pIHrVkfgFVLEJZCgicHAfdbAMmy0b0SDo5j2k3coeAsRtA0hednuKLq5VV31ZdjKh5SsjP03p6nngYVbxW+yx6SZbrsV83mtCittK1nJGqVKAe1PRzb8fJU+Syi5FomlafigEp1RdER7VjOd0TDz0JQ8vH8LlAubrqW23bY7Ka4ofJSaUOUbPNluhqaaUca\/9NbN0xtGGdWk72opmnTh9ZHLjk47+DuOnlARApsQXccFRnDFCSN2NLRjexiUO2tLEYpInkQh3U9gxvR7z42vGdCAdQTs8RAgGPw5Ikad6UoY3Kwk+8Pg1k1OxslqKYjCbWah7vRsrpVNWi7CnH\/EjRE2FlrLPvNHDrJxBI09nP2u+4dqe3OPIsWJoVmtR8lmOeeGHWv9rAlAmYqyfIwqT12kWg5wGh128YfQ6eFj9AoXWnQg5OsRZrXnHAPGvmxbm8B7fxyJhKqLEpPAeBwKDqJ12zHSvhWBOwbvCMs0++7+59oMkq8tXwSPnWNFci6xRr66Jq0PA+Br0HrmDQly3rdCD86INFezUyHPyGY+d7IeZ\/rsEfa07DBladPENddIrlDsZGfZn2ub2PRUiAhbuxdW3La49rg0c5Y8Qb5cmfUe6dgJMo2Sb53GMia5WnkTSBCfD4i3Cl3BZ8LuRM9xdCvc9iEB9ObOuSOHPwZEV\/z3rlAI8MvFYVzmh6YnLjWkv4vQXqbWl7TXkuUeIL6SCvZRpfg1N5Ilhe9YUcxzZnJyVYTwdoMS6uzekeYckU4wxVmcISVbwCa4ptzU5ocAptHAYmgw8nBku1rwY+Fes39vXUBmVY6mK32Td6HRjdfr8yrISJf8dK8KvgDW00eKpZmkNVY6eRJILbYwLz79FSODykNJITR3mmuU0yo\/qaz1gahRa8PelP5MHgZBXMriEa5oZY65j9oRw2nE4cH5h157LloBfe4Ij6yPveXL+D1UfvrBgg518d2IPhoIbtY019cSXn23ScO181FqbInsr+zD3CX3KHGsVWcEIBNy23D6qMDn68fbued\/03M2QLfaDZaZNZPggMGFcjxuctwzw6VzK6ALQsmPhEBLo8OBmTPgKj7p+tKkHAzyVM\/YEzO7HnggrDsyTALadUutU3NKYkP1OIWArRt9ihSd6I76IlOt\/9BeKHBgOZfYqBADKHPGxq6QcOpbFTQ3XRq3qDfTmJW8xV80ZXVe3tsamlAXHQya360SewvlICcYeBO04K7pDh2psLjpNIU7ZwRlZNQNiUzhHGoc3kh6V72GiBV8AM9hbDXYs4g2FbElABFrm7B\/mSQWEbuhxMNT7Z+V81JS01rorvU5j\/J5xyMP5cWPagqRQelciRjjzK+25e60Rx1vPWsHuSSbE1RMaZn42x7Lic3chJVWteNZGCsTP6iufIjPzuEr3CSJ9AAuVaecjwZEgeGA1F3eZ2U\/g\/mxDMBPkg4exH2Lw54AywXP8ajgBS6nqnnz9OqbA6hUpQOupjcGCI7LiwF4EYao0tfpQAUMFcNrCrR7jqSqAyph7ohN2CR+OAOZHTD2PZInC5zstAsH6BNW+QxKKd9iLxjRaxXsm\/hZDQpJipoccgbmSOkyhfXY5eGUBH9n+phNRJHTBQ3YQHXCTbqvrMowjKjQbc2FM\/pRm7VsRNHvtFoqQJBiaUEaxWDZZzFmyr6cfRDzyq6CwFGzI5VeR7TdPTRw0Im2QPEeawadNUmyyHnBxVXAiURQ9TXbECmhW590Qii3sXu2k5ADigarQYl7gqszpg90nECO3x5EpaeJcE3VPiRTjs2cW243HdIgHv4KhCPoXf\/Zu99OlibZrx+mXnsWPJRn3QznzCK7awv+MuI60U8RHYWmNk9cC0Q1zjcTHhM19ZeBgymrwPq+4ZzLR2TLlNJ2KIG04Tsu1X2BtV5HKIzJaBrbXnhzSNtc7r0kXEMCgfsCa2sxAMbPpMpy3N3bZaYjMIWf1Y5WFunagFBS1fv5u7iQtfb7XSP2feTi\/eyIjwVyExdqWYJEiEane1tkbIJ84p7QKJRLudl1+QZPlZ2Y+aCxEKi9J2K316D92w81ruND\/4ZW35+pdFTilfq8CMg8pG606Klm3i4K6hIa2j7AvX05jpWqfTat2aaYVbKDUwLxDIIbH++Jy\/BcDnbYVjun8D8ysho9MXyGVyzfxjnqJGqZvd2Ep4wm9AAnS6C8jLbXXocNuqht5VsnPRvisllowg2OU+yJqG5imHdRfnrXgLFuVupIRghMUVc00VRu8vVVFdjBsbevyuQYfaY7YaAeZZdoB4mM3gV7V68AFfeUk0a18HNgMZNSx4p4VhvxQ6ausmQsJTzLp3oNKyR3flbhnLB5Cet21Ct3HCEJ25fXaJnHSwy2aZIG4LC7E5e0648jrya2bf3XBPHHpI\/vYRDklMjduT0wu801E3EJ9Nu9hBdCpWvOHFyl7P0B9VZU4DaMB1KQ5Ke7tjURhLtsp2tsGUntDekYF7T8MlWhIXcDgoT\/y4\/4xmPXhhoJVbNIr2dfD+Nj6jELzk+EwGaTUbSWPa3bygvQCNSXSlytpwzthyonj46PoimkaCuBSKUd6dQhcwzTUwieqaFA4f3KYpkTNHKWP9AQDN4LMM42J4xafuuj+EDr\/VhhPCEBL3XeI+VzZWwUbgRoR6l3PS2\/A6Hx4mb8q4t+PVDS4Y7mRTTm1RNyiA9HBIp3H3j1A5\/qo1OS4tscsZy2YKyVB8x5BY2HE+G0B0zeVmbR2CgxKwBGP+OWLSI30rgZyyQKkSsdIXrWZ3dAUxPTV\/raJm\/hLPYo6IXDfD0YCsIFgFPTOLGTqohjr5WPhtSRqIwqjhtVac4KFGNUWc7IUXu+x1I1U6WU98sBGZeuAZnn6\/HFGijTGnxGRv6zcfBdWo4FpPqr34P6igoG69Mqzz7IvuUIbHRRTmyav0nUYRjE0APUjgMopE3zC4c4VREjTuZEvxzmvQ2\/dLlQXEmkbYj7a6JjbvZbAhnHpiEydcaCYUtLc5vYiQlCJn61OaKsQMSFM3xCQWVSCCHgRbRMJiaoifUoLxPSt8N2rG+fwHwEjxRqI4QFf\/59SHVbCtOXseKYBdN7wH+i1BpCREmcJTE8ZOxXhioJvsTMbPHswbNHUl26bIcSNv5GAzvtziutkGW1gwP4FTgmobEKIozLKT\/HN734G9HZykZBBizNASspt33SmLFauZAyHtBDdMTtteAbUKiJWHY73YY8lsGRSbdbV432kY2A9VEJ10pJZWhYeq2ER8A7Iue9rXzs+58u+w2E7envldwY1cZP1MDRRX0KE0WqcoEcAUkKNBHdsdMiRk25o2ym1pzAyq5csXj3HQGeW6Qg2zStBuprDILFhSrXmQYuwqKlezDucuSPnklSPFOdV6CoS6Aeq\/ADeC1IUTmpQSLomh4wXqAVE5lLJ3O55RPhG9Jl0cuITjL8itnIyNxote3qc6ueMVp8g2X4JtbV45Ud7qZy4TlEKFWX64vQq1iRVXavZcDulR3Kmx3h6XPJlQbcEOQBc+32oZJGtr+2q5CniueoxYn3Br1WL7LdG\/CxqDz0ypr2I2UojOU+x24twI5is7o4gJ8lWZ14PQzKDPfwU9t9qa70U6HaTJS+n8j2u3Oc3\/COsJbhc\/HbNfdvydVPJScPr4SPaa5xQbcKPtNvNgJnhVyKaUMZYWXPMr+fOnMShg6PKWR4ETZ\/HMvZlyx+csRdM5vKo05DvigJKMuFlwZhhGfCpmLj\/6p8PJZzguYTK0ispNSQBVpiD+AjYv6T+UPx5\/u\/4KbkbJmDBYXqf63mzRGhh\/3sSVIPRh+numfLOtPLQREJw27TFbfEszeXZjasMQXcWcrPI3xIcc4ceryopxOhXbFAy7qCcGjGLuQIPA9DeRjSc\/dffH7\/0jYXzzZopF4d1rM8JCe3xoUHQLNNPxSApiJv05ayX3i2nyRDWBaWl32re\/2v3gqk5Hy4OSAEMEHmZUjwLtIk1IQn9PHKCFc+Z6PB2iRAbdvZMRB61Ai\/22j+AW3fzfLljN0hFtdcIGX0AfLduOQMOmJmVNmHe3lWMh5s67Rd4NtonQoTbIXRZChzLFiN8zw\/sGnEmJMFUcx9frHffm9eD\/zBi8pvLmKP1SPuXk4j8iY1pm6Ax+uR3KD0Bs0hn6vG0Zi0hn0RJe9P3ya2tuHcuwBWDkMke9JOyVlhjJUn6tfgYMwJu6cEX1BRNB5PMGbx\/qzDKCicz8B+rjAsKN53qbCowQzYVppViLpcrH\/1SRkWkbkWZDUP+UBH7HfFIx9HLYJslCgyK8ctDhuw18joI5wItv8p0FqYJlqk+0LujN4\/wu61G2MTPH4jXjNoScMvI3FPM4sa20reUamcJVn5zFo7uC7nWUJWL6\/oNmA=","iv":"222f5ad89a6b5697faa10502b84011a5","s":"bafd99384b174f43"}
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