Why rich Americans are ditching their fancy hotels on vacation - Business Insider
Summary
This article from Business Insider discusses a trend where wealthy Americans are choosing vacation rentals over traditional hotels. While it doesn't offer specific data, it highlights a potential shift in travel preferences towards STRs, driven by factors like privacy and unique experiences. This trend suggests opportunities for luxury STR hosts, and those offering unique stays.
Key Insights
- •Rich Americans are increasingly choosing vacation rentals over hotels.
Action Items
- ✓Consider offering luxury amenities and focusing on creating a unique guest experience.Effort: mediumImpact: medium
- ✓Market your listing towards a more affluent demographic by highlighting features that appeal to their preferences, like privacy or unique spaces.Effort: lowImpact: medium
More from Getting Started
This article from GreekReporter.com reports that Greece is climbing the European short-term rental rankings. While specific details on the rise are not provided in this short article, this suggests a growing opportunity for hosts. It implies increased demand in the Greek market, which presents a dynamic opportunity for STR investors.
Ennismore plans to expand its hotel presence in India, with its first hotel under the Morgans Originals brand, Roswyn, already soft-opened in Mumbai. Following the Mumbai debut, the company plans to open a Hoxton hotel in Bengaluru and is actively exploring further expansion opportunities, recognizing the market's readiness for a luxury lifestyle product.
The short-term rental market's growth is slowing, according to eKathimerini.com. This shift may affect occupancy rates and revenue for hosts. Understanding market trends is crucial for adapting pricing and marketing strategies, ensuring continued profitability.
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