One trend is incorporating both the short-term and long-term rental styles of hospitality in luxury form.
I recently visited a beautiful installation in Park City, Utah. It is a new form of hospitality, luxury condos. Each condo comes fully furnished and designed with the perfect mix of condo-style living and hotel grandeur. You, someone else, or an investor owns the condo, allowing others to use it as a hotel room when they are not there.
The luxury condo is surpassing the demands of guests and investors. This hospitality trend allows people who may have invested in an Airbnb property to invest in a luxury vacation home at a world-class resort. Then, receiving rent revenue when they are not using it. But this is not your typical second home or Airbnb.
When the condo owner is not using the unit, they can utilize the hotel’s rental program. Hence, using the hotel’s name, recognition, advertising, etc., to generate renters and revenue. This increases the potential of receiving a higher level of rental income and more renters. The hotel covers housekeeping, marketing, and administration, making ownership virtually hassle-free.
The Luxury Condo in a hospitality environment provides the perfect mixture of what is loved by customers in hotels and in short-term home rentals. There is a lobby, front desk, bar, restaurant, gym, spa, bar, and everything in between all the while having your own personal space in a rentable luxury condo.
My wife and I stayed at Black Rock Mountain Resort in Park City and we were blown away with the amenities and feel of our stay. The view of the mountains from our condo was incredible. The design of our condo matched the sense of our location perfectly with local art, and a color scheme matching the surrounding environment. Still, it had every amenity of a luxury resort with a local feel.
Hilton, Ritz Carlton, and many other hospitality companies have implemented the same concept into new hotels. It will be amazing to see how this relatively new concept and hospitality trend will transform the industry landscape just as short-term rentals have.
