Yotel Hotels is considered to be a pioneer in tiny-room hotels outside of Asia. This entity currently operates eight hotels in cities such as Istanbul, Amsterdam, London and New York City as well as six airport hotels in Paris Charles de Gaulle, Singapore, Shanghai and other major international cities.
An offshoot of Yotel Hotels is YotelPad, a subsidiary that is bringing the concept of tiny homes to US locales. Concurrently, YotelPad is designing efficiency-type condominiums with 350 square feet studios priced at $300,000 and two-bedroom condos priced just shy of $500,000 in Park City, Utah opening 2020, a ski resort in Mammoth, CA and in Downtown Miami opening in 2021.
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Relative affordability is the foundation of the YotelPad concept. Just compare these prices…a YotelPad two bedroom condo in Park City is priced at just under $500,000 whereas the median listing price of a two-bedroom condo in Park City is $1.1M, according to realtor.com. The median price of second home condos in Park City is $850,035.
The CEO of London-based Yotel, Hubert Viriot, said, “We thought there was an opportunity to create a product aimed between extended-stay residences, co-living spaces and a hotel. The heart of the concept is keeping the privacy of a private residence and then providing shared facilities (resort-like lobbies, lounges, pools, fitness areas) commonly found in co-living spaces.”
Yotel’s target demographic is Millennials who have a strong desire to own a second home in a resort environment but who have been priced out of the market. The unit designs feature convertible furniture, storage walls that house niche kitchens, wall niches for flat screen TVs, and separate storage areas for gear such as skis, snowboards, bikes, etc. All the basics for sleeping, showering and ”light” eating are covered. Not covered are traditional ski home cathedral ceilings and fireplaces.
Yotel Hotels will manage the properties at Park City and Mammoth Lakes as hotels. It will also rent rooms of participating YotelPad owners to other travelers.
Verena Robinson, the owner of Mammoth Lakes Resort Realty, predicts that Yotel Pads will appeal to travelers and ski enthusiasts in their 20’s and 30’s and to Europeans who are more accustomed to smaller living spaces. The bonus with YotelPads is the rental income. Robinson anticipates a YotelPad owner could easily earn $70,000/year on a condo in a world-class resort area like Park City.
Thanks to New York Times’ Elaine Glussac for source data.
Also read: Some Worry That America Could Talk Itself Into Recession, New Thinking for Your 2020 Content, Buyer Competition to Become Fierce This Winter
