As part of Skift’s report Travel Megatrends 2019, it notes that the traditional demarcations between lodging types, whether vacation rentals, private accommodations, luxury hotels, timeshares or hostels, are beginning to blur.
Hostels are copying methods from luxury hotels, while homesharing platforms are moving towards being more hotel-like.
It describes the entire hospitality industry as needing to rethink itself, and providers should stop limiting themselves to any one category, but must offer a wider range of easily-booked experiences – and the product must be good. It can no longer be simply a business that essentially sells sleep, and if the industry wants to take on the OTAs, it must think more like them.
If the industry wants to evolve and face down the next big disruption, it needs to use this convergence to its advantage – surely an opportunity here for the serviced apartment sector?