Category: Hotels & Short Term Rentals

Developers Claim Co-Living Suites Earn More Per Square Foot Than Regular Apartment Rentals

Co-living developers in New York and Washington, D.C. report strong demand from renters.

Hundreds of co-living suites are renting quickly at ALTA LIC, a new high-rise apartment building in Long Island City, Queens.

“We are now about four months ahead of our expected pace,” says Christopher Bledsoe, co-founder and CEO of Ollie, the company managing the ALTA’s co-living apartments.

Companies like Ollie are proving that there is plenty of renter demand for co-living arrangements. The co-living spaces at ALTA are now earning more dollars per sq. ft. than the new conventional apartments in the same building. Other operators of co-living properties also report strong results at their projects.

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The Hospitality Sector Sees the Entrance of a New Competitor: Upscale Glamping Hotels

Neil Dipaola, of outdoor lodging brand AutoCamp, talks about the company’s plans for a nationwide network of upscale trailer hotels.

Outdoor lodging brand AutoCamp recently raised $115 million through a partnership with real estate private equity firm Whitman Peterson to open a nationwide network of hotels created from Airstream camper trailers manufactured by Thor Industries Inc. The firm plans to use the money to buy the land for the sites and customize the trailers. The agreement with Whitman Peterson includes a provision for potential expansion funding of another $115 million in the future.

In the developers’ vision, this new hotel network, built around the recently emerged concept of “glamping,” will combine a full-luxury hotel experience with high-end trailers in a natural environment, with all the attractions of camping without any of the fuss.

At the moment, demand for innovative travel experiences is trending high, according to Peter Nichols, national director of the hospitality group with real estate services firm Marcus & Millichap. “We don’t think glamping is going away. It’s a major segment of the hotel market now.”

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Picture: Pixabay

Dom Beveridge The Supply and Demand Sides of Short Term Rentals

Sometimes new technologies and strategies change the way that we do business. More frequently, though, things that have worked in one industry find their way into other sectors, leading to fresh innovation. In multifamily, it is often the hotel industry that supplies some of the most plausible new ways to sell, market and deliver the experiences that define our industry. In the weeks since OPTECH 2018, there has been much discussion about short-term rentals. An array of vendors has emerged across the value chain – from apps that make it easy to rent out your apartment to platforms that run entire apartment buildings as if they were hotels. Demand for short-term rentals is growing rapidly, and business models are changing as we see shifts in both the demand and supply sides of the business. A few years ago I wrote a piece for Multifamily Insiders on the rise of Apartments.com and the parallels I saw with the growth of the Online Travel Agents (OTAs) like Expedia and Priceline and their impact on the hotel industry. At the time, an unprecedented escalation in spending on apartment marketing was raising the profile of the sector (including buying ad spots in the Superbowl!). Multifamily Internet Listing Sites (ILSs) seemed to be taking greater control of the customer. As I argued, it reminded me of the dynamic in the lodging sector, where OTAs had developed a value proposition that competed with traditional hotel companies and their websites.

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Picture: Pixabay

Hotel Icon Ian Schrager Thinks Communal Living Is the Future

Co-living spaces are blurring the distinction between hotels and apartment buildings, according to hotelier Ian Schrager.

(Bloomberg)—The next big disruptor in hospitality, according to Ian Schrager, is co-living spaces.

“Communal living is blurring the distinction between residential and hotels,” the hotelier and Studio 54 co-founder argued during Bloomberg’s Year Ahead: Luxury conference in Manhattan on Thursday.

The mastermind behind the Public Hotel urged audiences to look at millennial buying statistics as evidence of this trend, which has seen growth in so-called co-living, where residents buy into furnished, semi-serviced apartments, either by the unit or by the bedroom. These are sort of communes for digital nomads with pop design, Casper mattresses, Nest thermostats, and other covetable accoutrements of the startup set. Critics have called them “dorms for adults,” while more evangelical residents praise them for the instant community they create.

“When I was growing up, I couldn’t wait to get a car!” Schrager said, comparing millennials’ lack of interest in cars to their evolving living habitats. “Now my daughters don’t want a car.” Relying on Uber and Lyft or car-sharing pilots from Porsche, BMW, and Mercedes was once unthinkable—now it’s de rigueur. “It’s just things are changed,” he said.

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Picture: Pixabay

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