According to a 2015 survey carried out by Tranio.com after flats, hotels were the next big thing that seemed to be taking over in the real estate business. In 2018, statistics showed that the hotel industry generated up to $200 billion in revenue and was still expected to rise by at least 6%.
As part of the federal tax reform bill passed recently (2017) opportunity zones were being introduced to encourage private investors take opportunity on the attractive but financially distressed areas in New York. Most of the investments are in terms of business ventures or real estate.
Today, Brooklyn is quickly become the new borough of the city with visitors and disposable income moving in and out, especially in the Williamsburg neighborhood. The Condor hotel in Williamsburg is The Condor hotel in Williamsburg of hotels that are reaping big from this project.
Revitalization of the Brooklyn museum, Brooklyn Navy Yard and Coney Island has helped make Williamsburg a new tourist destination.
With the many the many attractions that lie close to the Condor hotel, visitors have been able to pay as much as $500 a night just so that they can enjoy the multiple sceneries without having to wonder far. The Brooklyn bridge, for instance, provides a beautiful view at night and visitors can enjoy it while sitting at the hotel’s garden.
Rather than the traditional chain hotels that people have been used to, boutique hotels seem to have become the craze with many enjoying the unique and personalized services that they provide.
With these attractions that are quickly pulling in revenue from outside, hotels have been able to enjoy a huge chunk of the benefits with owners trying to ensure that they provide their customers with the best services available.
The condor hotel is meant to target a certain market group as it provides the customers with unique services unlike that of chain hotels. It is also small in size compared to other hotels which works as an advantage due to the fact that staff are always available to the visitors.
Some of the other offers that have made the condor hotel a favorite for tourists include the following:
- Discounts of up to 20% on rooms depending on how early you book
- Plush rooms that include luxury suites at the top floor with individual kitchenettes that visitors have come to enjoy
- Continental breakfast served every morning
- Convenient and secure parking for only $25 per night
By targeting a specific group of clients, boutique hotels can easily offer unique and personalized experiences that customers are always looking for, and this is a value that keeps them occupied throughout with an average daily rate (ADR). A statistical report indicated that Boutique hotels attracted a revenue of about $39,155 per available room, compared to $29,638 for the normal hotels. Thus with an average daily rate, the owner is always assured of good returns throughout the year.
According to an article by the Real Estate Weekly, boutique hotels are on the rise and are expected to be among the major sources of revenue in hotel real estate. It will be wise for you as an investor to consider such a unique option.
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