Home Hotels & MICE Trendy millennials demand high-end hostels

Trendy millennials demand high-end hostels

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Accommodation investors spend millions on rising trend
Travellers in their 20s and early 30s are looking for upmarket hostels rather than traditional hotels, as buzzing social environments to enjoy craft beers in trendy bars and even favouring dorm rooms.
With a long stay looming in Dublin, for example, you can opt for the Generator, a hostel with a screening room, “ladies Jacuzzi suite” and a bar with chandeliers made from Jameson whiskey bottles.
“In a budget hotel, you’d be anonymous,” one guests explains. A hostel is “more about experiencing the traveling vibe.”
These kinds of travelling millennials, or flashpackers, are attracting companies to invest in accommodation that offers a higher standard than backpacking students are usually after, And they tend to be more profitable than budget hotels.
Fonciere des Regions is investing €400 million in hostels in Europe up to 2018. Hostels are “super-attractive” to investors because the companies that operate them look after them, said Philippe Le Trung, head of corporate development at Fonciere des Regions.
Flashpackers spend more than €800 on accommodation compared to €500 for tourists, according to Stay Wyse, because they normally stay longer. Spending by young international tourists around the world has risen 40% since 2007 to $230 billion and is set to increase to $336 billion by 2020.
Bloomberg

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