Why Hotels Need to Cater to Millennials

Millennials are fueling the growth of independent boutique hotels and the new branded boutique hotels.

ATLANTA— Hotel developers and owners are catching on to something multifamily players have long known—the industry must cater to developers. And not just leisure hotels for younger vacationers but also business hotels for Millennial travelers. GlobeSt.com caught up with Kevin Richards, COO of Legacy Ventures, an Atlanta-based company that plans and develops hotels and restaurants ranging in size from $10 million to $100 million, to drill down into this reality in part one of this exclusive interview. Stay tuned for part two, in which Richards will discuss price sensitivities among Millennials looking at hotels . GlobeSt.com: Why should business hotels cater to Millennials? Richards: According to the most recent population estimates by the US Census Bureau, Millennials have officially surpassed baby boomers as the largest living generation. There are an estimated 75.4 million Millennials and they are embracing both business and leisure travel. In fact, Millennials actually like to travel for business. According to research conducted by the Global Business Travel Association , Millennials are nearly twice as likely to want to travel for business then baby boomers—45% to 26%, respectively. In addition, a strong majority of Millennials, 57%, say technology can never replace face-to-face business meetings. As a hotel operator and third-party management company, Legacy Ventures realized the advantage of being an early adapter in figuring out how to best serve the Millennial population, especially in an urban setting where Millennials come for both business and leisure. Or as the industry has coined the combination—“bleisure,” combining a business trip with a leisure stay. GlobeSt.com: How are Millennials influencing business travel and hotels that cater to business travel? Richards: Millennials are fueling the growth of independent boutique hotels and the new branded boutique hotels . These young travelers want authentic experiences and to be in a placemaking environment where they can meet friends and mingle with locals. They also want walkability, easy access to public transit or ride sharing services. What we have learned at Legacy Ventures is that we have to help create this experience through our locations, services and amenities. For example, in Atlanta we have a collection of four hotels in the downtown area, all with great walkability and access to entertainment, sports and dining. At Legacy Ventures’ Glenn Hotel, we’ve upped the desirability for Millennials by creating an innovative chef-driven dining experience, unique amenities and services—right down to a locally painted mural that serves as downtown Atlanta’s top ‘selfie spot,’ and designing the hotels ‘ public spaces for gathering and networking.