Top 10 things Millennials Want in a Hotel

Full disclosure, I am a millennial, I am a bit on the older end of the generation being 30 years old as of this writing.

Information

We are way to savvy to hide information from.  If your hotel is under construction, we’ll know about it through social media, tripadvisor, yelp or by some other means.  Just be up front about it and make the information readily available.  Put links up directly to your TripAdvisor page and make sure your guests are being listened to.

WiFi

As a hotelier myself, this is a non-starter.  Just offer free wifi. If you don’t I’ll just be angry and use my cell phone’s less quick but free wifi instead.  Use the landing page and terms and conditions to tell us something useful like why we should enjoy your happy hour.

Hospitality

This is completely contradictory to what we do, but in all honesty I am not interested really in good hospitality. I would prefer to go straight to my room and not need anyone to bother me at all with the check in process.  This sort of hands off approach though is not the case when I have an issue. When there is something amiss I want it fixed immediately or to be able to talk with someone right away.  I’ll go to Twitter if there is no contact information available but trust that most small hotels won’t be able to react fast enough.

I might ask the concierge for his/her favorite restaurant. If they recommend the hotel’s restaurant I will most likely automatically discount every single word they just said AND I will still probably double check their answers on Yelp.  If your concierge is going to recommend the hotel’s restaurant, BE GENUINE.  I would say, “if you are the mood for an amazing Fish sandwich (or whatever the best dish is), then you should check out the hotel’s restaurant. Another favorite restaurant of mine is…”

The sort of comment is so much more effective to me and my generation. If it is amazing Yelp will back you up.  If the food is terrible and the manager comes around, I will say nothing. In fact, I find it odd when people send food back. It seems so rude to our generation. Instead, I’ll post something on Yelp to warn my fellow millennials to steer clear.

Price

Value is completely objective due to changes in the cost of living from city to city. I will cost compare various hotel’s and find the best value.  I come up with this value generally by searching on Kayak and comparing hotels on TripAdvisor.  I will invest the time to research ahead of time.  The “social” recommendation to me hasn’t seemed to pan out just yet and we are still a sucker for great marketing.

Experience

Millennials are looking for an experience more than just a place to stay,  Why do I want to stay with you? Maybe the front desk staff was mentioned as giving amazing advice? Perhaps the hotel has the best rooftop view in the city? Maybe the design is so different that I just want to experience it? If you can offer an experience, it will increase your value.

I take great pains to find unique experiences. In Miami where I live, I will check Yelp for new restaurants to go experience for the first time and I avoid as much as possible chain restaurants and brands.  After the first time at Panera Bread I know what I am getting.  It will meet expectations but it won’t be a travel experience.  I will use brands that offer quality like Panera or Aloft for example when there are no options or when researching isn’t possible (finding a quick bite during a road trip or when there are no options).  For example, when I am taking the 6 a.m. flight out I will grab a scone and a coffee from Starbucks, but if I am connecting somewhere with a layover, I’ll go to Yelp and look for something better.  Portland Airport, by the way, has some great retail and restaurants.

Check in

It’s 2013, check in should not be painful.  I can’t wait for Opera to be replaced by something better.

Alternatives

When traveling to NYC last December hotels that were at all decent in any way were priced over $400/night. That is motivational and I took to AirBnB quickly in order to see what else was available at that time.  Sure enough I found an incredible Studio Apartment for $150/night.  In hotel form it would have been a suite and cost $600+ so I booked it immediately.  Instead of spending our budget on the hotel room, we were able to indulge more in the experience that we ultimately had come to NYC to seek out.

Conclusion

If you are seeking out Millennials  (and you will be by 2030), then embrace technology. Listen to guest reviews, offer an experience even if it a niche one and just give me the free wifi.  If you do these things, then by any luck, you’ll be a top rated hotel on TripAdvisor. ;-)

 

 

 

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How Much Does it Cost to Build a Hotel – 2013

HVS just released their annual cost estimate survey today detailing the costs to build every scale segment of a hotel.  The prices are of course averages so a hotel in Manhattan will of course be priced much higher than a hotel in Western Texas.

The report will help you get some idea of what it will cost to build a property. If you are looking for a realistic idea, we are happy to produce a hard construction budget and estimated FF&E costs per room to achieve the hotel you are hoping to build.  To let us help you plan your project, please call Sam directly at 305-929-3726.

Boutique Hospitality Management can also put together a complete feasibility study, pro-forma analysis, competitive analysis which will help you get the funding and equity you need for your project.

Highlights from the report:

Construction materials have increased modestly by 2.5%.

Incremental wage gains since 2009 are increasing the cost of construction.

Hotel rooms in development remains low compared to historic numbers.

The largest number of rooms being built fall under the limited and select-service scale.

Click below for a larger image.

 

For more information read the Hotel Development Cost Survey | HVS.

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Are you using actionable data?

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Americas Investment Summit (ALIS) 2013

This January 22nd-24th is the semi annual Americas Investment Summit (ALIS) in Los Angeles, CA.  Boutique Hospitality Management will be attending the event and we are bullish on the future of independent hotels especially in urban markets like New York, Atlanta, Miami, Los Angeles, San Francisco, Boston, Chicago, etc and are looking to put together new deals and getting involved with others that have traction in 2013.

If you are a(n)… Investor, Owner, Lender, Developer, Investment Banker, Financial Advisor, Real Estate & Financial Intermediary, Builder, Lawyer, Architect & Designer, Government Tourism Officials we are interested in talking with you!

Events during the conference we are interested in attending include:

TO BRAND OR NOT TO BRAND?

MAKING LEMONADE OUT OF LEMONS – RENOVATE AND REPOSITION

TRANSACTION TRENDS AND THE OUTLOOK

For more information about the conference, download their brochure here.

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Hotel Trends 2013 – Happy New Year

The New Year is upon us. 2012 has been a phenomenal year for BHM as we increased our portfolio of hotels in both consulting and management roles.  Those properties have seen tremendous success and we are well positioned to grow even further in 2013.  As the new year roles in we will above all focus on our guests and bottom line profitability but here are some other things we are thinking about in the next year.

-Mobile/Tablets to become dominant way people use the internet within the NEXT 6 months. What is our mobile experience like and how is that going to translate into our hotel’s brand while still driving bookings?
-Photo engagement is going way up and 2012 was the year of the video. With photography and video being so highly demanded, we are thinking about how to sustainably bring fresh images and video to our hotel’s marketing channels all the while remaining in budget. It’s going to be all about getting creative with your photography budget in 2013.
-DATA DATA DATA: We have more data than ever before, and so do our customers. How can you win with yours and help your clients make the best decision.

 

Happy New Year 2013

 

Happy New Year to you and yours, wherever you may be staying tonight.  Hopefully you will be with us again soon.

By: Samuel Trotter
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Maximizing your Hotel’s Website Revenues

We were recently approached by one of our Director of Sales about an opportunity with an online review website’s sales pitch.  It sounded like a great deal to him, but he wasn’t quite sure and wanted a second opinion.

The offer:

$500 monthly cost

500 Ad Impressions

Average click through rate of between 2-4% to your hotel’s review page

The rest was left in the dark…

 

 

 

They have a lot going for them.  After all, you are targeting folks who are already looking for a hotel room in your area. If they convert, they will most likely do so on your website (better take home rate than through online travel agencies).  There was one trick though, what was the return on investment?

500 Impressions * 3% CTR = 15 visits to our review page

The rest of the math gets difficult.  Of these viewers, how many are going to make it to our website?  Of these how many will convert?  Our reviews are great but they don’t know what our pricing and availability are yet so they aren’t even qualified buyers at this point.  Typically our conversion rate is roughly 3% but let’s say these visits are extra qualified and I max it out to 10% and by magic all of these visitors make it to our website from the review page. We have still only converted 1.5 times and I am making some very generous math to get them there.  The final piece of the puzzle, what is your revenue per conversion.  If this 1.5 conversion gets you to $2,500 well then you might consider this option.  But, if you are looking at $1000 or less you are turning your back on this deal in an instant.

How can you increase your online bookings? Give us a call, online booking engine business is our favorite type of business!

 

 
By: Samuel Trotter
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Logo Design | Spotting a Duplicate

During our re-branding consulting work for The Beach Retreat, we invested a lot of time and energy into the new logo.  Several weeks had passed by, dozens of tweaks to reflect the vision we wanted to move forward and then the unthinkable happened… we spotted almost the exact same logo.

While creating any logo that reflects the natural environment, of course you run the risk of finding something similar to our own, but you have to see the similarity to believe this!

Our Initial Logo

Local Logo

Local logo zoomed in

 

 

 

 

 

 

 

So it is back to the drawing board for our team.  A new logo is currently in development and it is already looking fantastic.  We look forward to updating this later with our final version!

 

***Update***

As promised, the Tahoe Beach Retreat Website  is live along with the new logo. You can see we went a completely different direction.  What do you think?  Do you like the new one more?

The Beach Retreat Logo

 

 

 

 

 

 

 

By: Samuel Trotter
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The Beach Retreat at South Lake Tahoe, California

Pier at The Beach Retreat

Boutique Hospitality Management is currently involved in the rebranding of a brand name property into an independent boutique hotel.  The property consists of two restaurants, over 350 rooms and the largest private beach on Lake Tahoe.  Boutique Hospitality Management and the ownership team will transform this once overlooked property into an icon in the area.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

By: Samuel Trotter
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Sarani Resort – Isla Pastor | Bocas Del Toro, Panama

 

Boutique Hospitality Management is formally announcing Sarani Resort, which will be opening in the next two years.  The property will be located on the Eastern half of Isla Pastor located in the calm Caribbean waters of Bocas Del Toro in Panama.  Visitors will travel to the eco-luxury resort by boat or sea plane and enjoy a secluded romantic adventure, the likes of which are unparalleled in Panama.

The escaping couple can go hiking on our private trails, dine at the restaurant that feature items harvested from our organic garden, or simply enjoy the day at our private beach without ever having to step off the island.  Welcome to Sarani Resort.

For any press inquiries please contact Jessica Kiibler or Rachel Levy at Levy Communications at 305.592.5389 or pr@levyad.com

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

By: Samuel Trotter
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HVS: Hotel Industry is Showing Strong Comeback

BHM attended the Orlando Hotel Summit hosted by HVS.

John Lancet from their Miami office gave an excellent presentation with a very optimistic forecast for the industry as a whole.  Occupancy rates are set to continue to rise with ADR following closely behind.

Here is a quick snapshot as they see the industry comeback:

 

 

 

 

 

 

 

 

 

 

From the Orlando Hotel Summit Presentation by HVS 2012

By: Samuel Trotter
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