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Are Millennials Willing to Spend Big on Hotels?

ATLANTA—“Millennials want to stay where the hotel itself tells a story.”

By Jennifer LeClaire | jenniferleclaire | | Updated on May 16, 2016
Millennials are fueling the growth of independent boutique hotels and the new branded boutique hotels. Millennials are fueling the growth of independent boutique hotels and the new branded boutique hotels.
ATLANTA—Are Millennials price-sensitive or value-driven? Turns out the answer is yes. When it comes to hotels, in particular, Millennials have very specific preferences. So says Kevin Richards of Legacy Ventures . Richards explains the value equation and offers more insight into those preferences in part two of this exclusive interview. You can still read part one: Why Hotels Need to Cater to Millennials . GlobeSt.com: Are millennials price driven? Richards: Millennials invented the sharing economy and are often seen as price-driven, but actually if you follow the patterns of Millennial spending they are value-driven. They will actually pay more if they perceive value and have the opportunity for a unique, quality experience. For example, at the Glenn Hotel guests enjoy surprises that are part of the Glenn experience, everything from the complimentary 3 p.m. lemongrass-infused cocktail to the 5:30 p.m. wine tasting, and the cozy living room feel of the entire hotel . GlobeSt.com: How important is a hotel’s location? Richards: Location is really important for Millennials who would prefer not to rent a car while traveling for business or for pleasure. In the world of Uber and walkability, location is key and Millennials are willing to pay more to stay somewhere that offers easy accessibility to restaurants, entertainment and nightlife. But location also means a sense of place. Millennials want to stay where the hotel itself tells a story. The Glenn Hotel is the resurrection of a 1920s office building that incorporates original architectural elements such as the original brass mailbox in the lobby, oversized windows, high ceilings with crown moldings and a rooftop SkyLounge, adding to the ambience and creating a sense of place.

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