In comparison to sites like Priceline, analysts see home-rental site Airbnb rising in popularity and potentially becoming a large competitor.

Airbnb isn’t only a threat to hotels, but to the online travel industry, Deutsche Bank analysts say.

In comparison to sites like Priceline PCLN, -0.50% the analysts see home-rental site Airbnb rising in popularity and potentially becoming a large competitor, especially if it adds more hotel listings to the site.

Beyond discussions of adding chains like Hilton and Marriott, the analysts say they’re concerned about conversations of European hotels and bed and breakfasts “‘salivating’” over Airbnb’s 3% fee compared to other online travel agencies’ 15% to 25% fee.

Airbnb didn’t immediately respond to requests for comment.

Even with its current model, the analysts said Airbnb has more “intense loyalty” due to its sharing economy mindset and verification system.

“Airbnb has emphasized itself as a movement as much as it has a place to find a pad for the night,” the analysts say.

The loyalty may also be due to customer satisfaction, as a study conducted by the analysts found that more than 73% of Airbnb users said they were “at least ‘Very Satisfied’” while the satisfaction rate was 50% for Booking.com and 54% for Hotels.com.

The analysts downgraded Priceline earlier this week, while upgrading ExpediaEXPE, +0.27% Read more about the rating changes.

Analysts on average have an overweight call on Priceline shares and a target price of $1,365.65, according to FactSet, and an overweight call and $112.32 price target on Expedia shares.

Airbnb’s successful listings-by-owner model will be hard for others to replicate as Airbnb benefits from remaining a private company able to advocate against regulatory obstacles, the Deutsche Bank analysts say. Priceline are hampered by its investors and its model, the note states.

The study also found Airbnb users take more trips than other users of online travel agencies, are concerned about the price of the stay and are younger than the other users. More than one-third of Airbnb users are under 30 years old, compared to 16% for online travel agencies.

Listings on Airbnb have grown from 30,000 to more than 1.2 million across the world, the analysts state.

Though Airbnb still does poorly in its search ranking, Google Trend data points to a spike in direct Airbnb searches, above that of other travel sites, which spend heavily on television ads.

Still, the analysts note that Airbnb is a longer-term rather than short-term threat, as it still has a mainly non-professional inventory. Adding hotels may also ruin its home-sharing image, they say.

“It could be disruptive for Airbnb to dilute its unique brand with standard hotel supply,” the note states.