Nearly a third of the revenue generated by the short-term rental company Airbnb in 12 major markets comes from homes and apartments that are rented out on a full-time basis.

That was one of the conclusions of a study commissioned by the American Hotel and Lodging Assn., a trade group for the nation's hotels. The group said the findings point out a "very disturbing trend" that suggest the rentals are operating like "unregulated hotels."

Airbnb called the study deeply flawed.

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