April 06, 2018 @ 09:19 AM
Despite the anticipated trends including the opening of new hotels, the softening of occupancy, and the pressure on average growth all coming to fruition, the U.S. hotel industry continues to set performance records, bringing to mind the words attributed to Mark Twain, “the rumors of my demise have been greatly exaggerated.”
Hotel companies are currently focusing on millennials, and for good reason, as baby boomers are aging out of the workforce.Recently, the Pew Research Center reported that millennials are the United States’ largest living generation, outnumbering baby boomers. New hotel development is focused on a nuanced strategy of appealing to the next generation of travelers.
The challenge is for older properties with specific design elements that no longer appeal to the market, and how to maintain the relevance of these properties as new and more millennial-centric hotels open. Hotel companies are remarkably nimble in developing updated design protocols for established brands that appeal to multiple generations, reinventing typical prototypes with new trends such as open communal areas, social spaces, and more grab-and-go healthy food options. With the proliferation of brands that appeal to evolving demographics, new opportunities are available in what was considered stable markets.
Presented by admin