If you have been to one of today’s trendy bed and breakfast-style accommodations or boutique hotels, you have no doubt experienced the benefits of these smaller hospitality offerings. People are increasingly drawn to the feeling of staying with friends and family without actually worrying about inconveniencing those they love – and it has made for a boom in the boutique hotel industry.
The Birth of Boutique Hotels
In 1999, a property in Seattle named Ace Hotel opened with a mission to create the feeling of embracing local culture and “staying small” as a traveler. The hotel was geared toward giving those who stayed there a gathering place to mingle with others and a taste of the local experience. Within a few years, the concept of creating an inviting space that felt like it was designed for familiar friends had spread around the world.
The Formula for Success
What makes a boutique hotel? It’s not just about the size of the property or the number of beds available on site. The concept of the boutique hotel is built from creating something new and exciting from something existing in the community – or creating something uniquely local when constructing from scratch.
Most of the properties that are currently functioning as boutique hotels under the Ace Hotel name are historical buildings that previously served other purposes. With small budgets for redesigns and renovations, those who purchase the properties create comfortable, community gathering spaces for locals and travelers alike. It’s all about combining modern amenities and convenience with a relaxed, bohemian vibe – and it’s a combination that consumers are continuing to love.
Remaining Relevant with the Boutique Trend
For those who are looking to get into the hospitality business, understanding the current market is important.
Today’s trends in hospitality tend to be geared toward experiences rather than simply meeting needs. This is why travelers are drawn toward micro-hotels, bed and breakfasts, boutique hotels, and more. They want to be treated to an experience rather than simply renting a room for the night. If you want to be competitive in the hospitality industry, it’s important to work with expert hotel brokers and stay up-to-date on trends.
If you would like to learn more about boutique hotels for sale in your area, contact a local hotel brokerage about your financing options and then head to New Gen Advisory to find out more about what’s currently listed.