Job File: What Does it Take to Start an Extended-Stay Hotel?
Increasingly more people are looking at new career solutions. Whether the day-to-day job doesn’t suit them anymore, or whether they’ve got a feeling that the key to a secure income is in finding a new market approach, a third of the millennial workforce has moved to an independent position.
But freelancing or consultancy work isn’t for everyone. It’s a lonely business pattern that takes a lot of effort and dedication to launch successfully.
Happily, then, that’s not the only way to become professionally independent. The hospitality sector, for example, can be a great gig if you want to stay in touch with people while you work. It’s also a booming market sector, as people take more holiday breaks. If you are tempted by the idea of launching a hospitality business but are a little worried about all the requirements of managing a hotel or a bed & breakfast, then we might have something for you: an aparthotel. Running an aparthotel can generate regular income if you pick a busy location, and can be as hands on or hands off as you like, depending on whether your offering is serviced or DIY.
What are extended-stay hotels?
Extended-stay hotels, or aparthotels, are different from regular hotels. They offer a happy marriage between hotel and apartment, allowing clients to reserve a room via a booking system – which serves as a contractual agreement in the same way than signing a tenancy contract does. But there is no fixed term, so guests can easily check-out whenever they want. If you’re a fan of AirBnB, you can easily see the similarity: booking an aparthotel for a handful of days means that you get the full run of the place, including kitchen and living room.
If you’re interested in this model as a possible business venture, get in touch with a specialist property investment company and ask what they have that might be suitable to set up as an extended-stay hotel. Some companies will offer entirely serviced aparthotel services, while others only focus on building and planning relevant properties.
Why do they work well?
This side of the hospitality sector is booming. Not because people don’t like standard hotels anymore, but because the extended-stay hotel model offers something that they can’t find anywhere else. It’s a piece of home away from home. Aparthotels are all about the personal touch – in their décor and discreet services – so that your guests can enjoy a charm that standard hotel rooms lack. Staying in a fully furnished and decorated flat is a warmer and more pleasant experience altogether. Additionally, people who stay in aparthotels agree that they enjoy the privacy, too. You don’t have the feeling that your neighbours are just a thin wall away from you, as the flats are designed to be comfortable and practical. Can you say the same about hotel rooms?
Who needs them?
Generally speaking, aparthotels started as another place for holidaymakers to stay. But they’ve rapidly extended their target audience and now offer the perfect in-between solution for people who are looking for a new home or who can’t yet move into their home – because of renovation work or because the tenants have not yet left. They are also the ideal accommodation option for people who are on a work-related assignment.
If you are looking to take the leap to professional independence, or would like to invest in the hospitality sector, extended-stay hotels offer great opportunities in big urban areas.