Millennials have had a definite impact on the modern workforce and the consumer marketplace. The millennial demographic is defined as those born in the 1980s and 1990s and is expected to constitute the largest segment of consumers within the next few years. The expectations of millennials traveling for business or pleasure are likely to differ sharply from those of previous generations. This could affect the types of hotel financing available for hospitality companies now and in the future.
Seeking Exclusive Experiences
Although they lack the disposable income currently available to older generations, millennials have demonstrated a willingness to shell out some of their cold hard cash to enjoy experiences outside their daily routine. Creating a unique atmosphere and tying interior décor to the local community can help hospitality companies attract their fair share of the millennial demographic. In some cases, working with a private equity real estate firm can provide the added hotel financing resources needed to update and upgrade accommodations for millennial guests.
Maintaining Connectivity
The modern business world and millennials demand constant access to the internet. Upgrading your hotel’s internet options can attract millennials and other business travelers who require reliable Wi-Fi connections to perform their work and to stay in touch with family and friends online. Making sure that your internet connectivity is dependable and capable of taking on the challenges of online business can be a major selling point for millennials and other tech-savvy individuals in the hospitality marketplace.
Providing the Right Amenities
Thanks to the immense popularity of social media sites among millennials, both good and bad news travels quickly. Making sure your guests receive the most practical amenities can help you to improve your online reputation and can ensure that you attract your fair share of guests and good reviews:
- An office center can allow millennials to achieve greater productivity without leaving your hotel.
- Room service or an on-site restaurant can also be valuable amenities that can transform a so-so stay into something truly memorable for your millennial clientele.
- An elegant lobby with plenty of seating space can serve as an impromptu meeting spot for your guests and their colleagues.
By tracking the most-wanted amenities and providing them for your clients, you can stand out in the social media environment and can snag the best reviews for your hotel and your services.
At Stonehill Strategic Capital, we specialize in providing bridge, mezzanine and permanent hotel loans to help your hospitality company renovate existing properties and expand into new areas. Our team will work with you to ensure that you receive the most practical hotel financing solutions for debt service and new acquisitions. Give us a call today at 713-666-2544 to discuss your hotel lending needs with our expert staff. We look forward to the opportunity to serve you.