In our last blog “How to Upscale Your Portfolio With Condos”, we talked about luxury condominiums and how they’re taking over the urban habitational landscape one unit at a time. Next up is one of our new favorites, Boutique Hotels.
If you’ve noticed an influx of gluten-free menus, craft beers, and sharply dressed millennials in your area, you may be surrounded by hipsters. They’re young, they’re motivated, and they’re spending big bucks to avoid big names in hotels. As a result, boutique hotels catering to this growing audience are popping up in cities of all sizes from Reno, Nevada, to Atlanta, Georgia.
Boutique Hotels: These hotels may not have easily recognizable names or the big footprint on a city block (many having fewer than 100 rooms), but the nightly rate for these rooms is often triple that of their larger, mainstream competitors. This means higher revenues for them, and more specialized insurance needed from you. A specialist actively soliciting this business could be a welcome change for these often overlooked risks, and could be your new favorite risk-class.
To learn even more about our boutique hotel programs, find information here. The next diversifying factor in our urban risk blog series, might remind you of Carrie Bradshaw, or maybe even your own home.