In fact Airbnb has been growing pretty strong to the point where according to a report from Hotel News Now (via Business Insider), the platform has more listings worldwide compared to the top five hotel brands combined. The number of listings on the platform is now said to be over 4 million around the world.
However given that it is considerably easier for Airbnb to add a listing to its platform versus a hotel brand opening a new location, it is obvious how they managed to catch up and surpass all these hotels. The company currently offers listings in 191 countries, although they have faced certain issues such as the legality of homeowners turning their apartments or homes into Airbnb listings.
There have also been some issues with hosts/guests that have impacted the reputation of the company, but overall it seems that things appear to be chugging along rather nicely for the company.