Today's travelers are more interested in experiences. With this shift in mindset, capsule hotels broke onto the scene, offering a competitive counterpoint to large, luxury hotels. But how will capsule hotels fare in the future?
Capsule hotels first gained popularity in Japan and served as an affordable way for business people and travelers to stay in Tokyo. Since then, capsule hotels have gained popularity in other Asian Pacific countries and have started to make their way around the globe. Recently, there has been an increase in the capsule hotel markets in European countries such as the U.K. and Russia. New ventures in the U.S. also demonstrate the global appeal of such minimalist hotels.
In 2017, the capsule hotel market was valued at approximately $167.07 million. This industry is expected to maintain a compound annual growth rate of approximately 6.3% from 2018 to 2026.
As the capsule hotel market grows, brands are attempting new ways to reinvent the trend. For instance, some high-end hotel brands are creating luxury versions of capsule hotels. Rather than the no-frills sleeping quarters that characterized the first capsule hotels, these new iterations feature high-end tech and novel attractions such as attached breweries and man-made hot springs for guests to enjoy
Another development is capsule hotels being built inside major airports across the globe. These hotels offer travelers an affordable and convenient way to grab a quick nap or wait out a tedious layover in peace. The inclusion of capsule hotels in airports highlights the flexibility and adaptability of these unique guest spaces.
This is what you need to know about the growth of the capsule hotel market. Are you looking to reinvent your commercial space into a capsule hotel? Then consider upgrading your property. For assistance with your next renovation project, contact us at Parkwest General Contractors. Our dedicated team is eager to assist you with all your building upgrade needs today.
