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Untapped opportunity abounds for 5-star luxury hotels

by admin
October 26, 2022
0
Boutique or “lifestyle” hotels were first conceptualized as something different from the standard, institutionalized hotels. Lifestyle hotels are known for providing a unique guest experience largely driven by a strong sense of design excitement, lively entertainment and trendy food and beverage offerings. I like to call all of this “hospitainment.”
Ian Schrager is considered the father of the boutique hotel and his vision was to create a space that was more than just a place to sleep, a destination and a lifestyle experience. Ian’s early creations were also referred to as the “anti-brand brand” as each of his hotels stood out as unique stand-alone experiences. Something different is what a lifestyle product offered travelers. The stand-alone model of the boutique hotel eventually evolved into a more institutional model through Barry Sternlicht’s creation of the first global lifestyle brand, W Hotels.
Today, whether traveling on a budget or looking for an “experiential hotel,” all the major global lodging companies have a lifestyle product to offer, with perhaps the exception of the true 5-star hotels and resort brands. In looking at the Venn Diagram below, on the right side of the spectrum are many well-known lifestyle brands and on the left end of the spectrum are the top-tier luxury brands.
However, who is filling the void between top service and lifestyle? There is a huge opportunity to create a product offering, which meets at the intersection of the two. Life-style and “branded” hotels do not need to be oximorphic. To deliver a high-end lifestyle hotel, best-in-class customer service found at the premier branded hotels around the globe must be married with the “hospitainment” and excitement of the boutique hotel industry to create a new genre of luxury boutique lifestyle hotels.
Brands have an opportunity to offer beautifully designed hotels with independent personalities, and still provide guests with top-notch service they expect at five-star hotels. The younger travelers who enjoyed the early incarnation of the lifestyle hotel have matured, with many being high-end customers that can afford the increased level of service and expanded on-site amenities found at the Four Seasons and Aman-type hotels and resorts.

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