Short Term Rental Riches 32. Why Hotels Are Envious of Short-Term Rentals (COVID Impacts)
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Jun 23, 2020 The podcast delves into how hotels are scrambling to adapt as travelers flock to short-term rentals. COVID-19 has pushed hotels to rethink their operations, leaving them with unused spaces and financial struggles. Innovations like app-based check-ins emerge as hotels try to compete with the flexibility of rentals. The conversation emphasizes the growing preference for private accommodations and how this shift is transforming the travel landscape. Tune in to discover the future of hospitality and investment opportunities in this evolving market!
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Hotels Mimic Short-Term Rentals
- Hotels used to have cookie-cutter rooms with identical designs and minimal personal touches.
- Now, boutique hotels mimic short-term rentals by offering unique rooms with kitchens and social spaces.
Short-Term Rentals Are More Nimble
- Hotels are less nimble and flexible compared to short-term rentals in response to market shifts.
- Short-term rentals offer multi-use possibilities like long-term stays, improving financial resilience.
Banquet Revenue Impacted by COVID
- Tim worked five years serving banquets at a hotel doing multiple weddings per weekend.
- These banquet events were a significant revenue source now hit hard by COVID-19 restrictions.