Today’s most populous and dominant generation, millennials, continues to redefine the development and hotel industry. This younger generation’s service-oriented lifestyle along with their desire to be active, engaged and have an experience, signifies a tremendous shift in our economy and represents a new “live, work, play” phenomenon that has gripped the country.
Changing consumer demands are leading to more people renting and living in urban areas than buying houses in the suburbs, spending more money at restaurants and bars than grocery stores and are vastly altering the traditional work environment from rows of office cubicles to open collaborative spaces with interactive networking pods.
For the development and hotel industry, we’re continuing to see a change from traditional hotel accommodations in large cities to more mixed-use developments in localized urban areas. Still in the early stages of this movement, we’ll continue to grow and evolve with the changing demographics. For now, let’s take a deeper look at what the trends point to for the future of hotels.