Here at Southeast International Hotel Brokers, we’re always staying up to date on the newest trends in the hotel industry. One trend that has caught our eye lately is the trend of implementing coworking space in hotels. But what is coworking, and what does it do for the hospitality industry? Today in the Southeast International Hotel Brokers blog, we’ll explain this trend and talk about if it’s worth looking into further.
What is Coworking?
You may be wondering, what is coworking in the first place? Today’s younger workforce tends to enjoy more flexibility in their careers. More and more people are becoming self-employed or working for companies that allow remote work. These people can work from home, of course, but if they like to travel, that won’t always be an option. Or maybe they find they work better in a busier, more productivity-conducive environment.
This is where coworking comes in. Coworking spaces allow self-employed people or people working remotely to use an office environment to get their work done. It also allows them to work around like-minded individuals who might help them further their work.
How Does it Affect the Hotel Industry?
Coworking spaces can be anywhere that allows for productivity and work to be done, including a hotel lobby. Many hotels have adopted the coworking trend, making parts of their hotels coworking spaces. Transforming these spaces can be profitable in a few ways. Here are some reasons you might implement coworking in your hotel:
Branding and Marketing
Some hotels don’t charge for their use of coworking space. Hotels aren’t charging for this space because they view it as a branding opportunity. You’re getting people familiar with your brand and the type of hotel you are since they’re coming in there to work on a daily, weekly, or monthly basis.
Other Revenue Streams
Another reason you might have a coworking space is it draws people to some of your hotel’s other revenue streams. If you have a coffee bar, a restaurant, or anything like this, chances are the people using your coworking space will give those places plenty of business.
Pay to Work
Finally, some coworking spaces charge for people to use them. Whether this is a one-time fee, a membership, or a combination of both is up to you.
As you can see, coworking is a trend that definitely has revenue potential. If your hotel has the amenities to sustain something like this, it might be worth looking into!
Choose Southeast International Hotel Brokers
If you’re looking to buy or sell a hotel, choose Southeast International Hotel Brokers. Our hospitality brokers have the experience, knowledge, and resources to make the process as easy as possible. Contact us today for more information and to speak with a member of the hospitality broker team.