A lot has changed in the last couple years, especially when it comes to work. Specifically, where, when and how we work. For those fortunate enough to work some or all of the time remotely, a world of possibilities has opened up.
As a result, the travel industry is adapting too. We recently dove into the concept of a smart hotel, which was addy’s first investment opportunity in Montreal. With addy returning to the city again – in fact, just around the corner – with another smart hotel opportunity, it’s worth looking into why this model is well-positioned for the present. And the future.
What are extended stays?
The phrase ‘extended stay’ generally refers to those trips away from a primary home that are longer than a typical vacation or work trip. We’re talking about longer than a simple weekend or even a week away.
Extended stays are becoming increasingly popular because more people don’t necessarily need to be tied down to a specific city in order to work – they can be anywhere. For some, that may mean simply moving out of a city proper in order to find more space in outlying areas. For others though, it may mean moving around the map as frequently as desired. Others still may not even have a set address they view as their home base.
That’s where extended stay hotels come in. The traditional hotel of yore doesn’t always offer a kitchen or laundry in every suite, which are two important amenities for extended stays. After all, some people want (or need) a kitchen to cook in since they don’t want to eat out or take out all the time. And if you’re staying somewhere for more than a week, you’ll need a place to do laundry. While plenty of hotels may offer amenities, the ability to work, cook, relax and launder all in one space is mighty convenient.
How travel is evolving
“Business or pleasure?” was an oft-asked question when people travelled in simper times decades ago. Today, the answer can be both. With blurred lines between work and play, it’s an option for some to travel to a new city – or country, or continent – and work while they explore. Or explore while they work.
Because of this newfound freedom, the travel industry is evolving. HoneyTree Grows founder David Atwell is part of the introduction of smart hotels in Montreal; addy’s latest investment opportunity marks a second partnership with a similar plan to modernise and automate a Montreal boutique hotel into something versatile and adaptable to the needs and desires of many.
addy in Montreal
The two investments in Montreal – both smart hotels- represent a timely response to the changing tourism and travel industry. In 2021, Airbnb had their best year in history and noted the average stay increased in length by 15%. There were more people booking stays of at least a week and plenty others with reservations extending to 28 days and beyond.
The smart hotel features a digital concierge, allowing for effortless check in, easy booking management and access to important information in the hotel and neighbouring areas. The units in these buildings come equipped with a kitchen and laundry so that extended stays are possible.
This means a smart hotel can welcome students for a semester, professionals spending a week at a business conference and all those who are fully remote and travelling how they please. Families can even set up a home as they need for as long as they need, and of course weekend jaunts are still accommodated as well. An extended stay hotel can welcome a trip of two days or six months.
Invest with addy
addy investment opportunities offer not just a chance to earn passive income, but to also be proud in physical investments that you can actually visit and even patronise. These aren’t unknown properties, but opportunities that fit in with the evolving world, whether it’s a smart hotel in a big city, affordable housing in Hamilton or a purpose-built rental in B.C. addy is committed to members and connected to the community.
Only members can invest in all the other exciting commercial real estate opportunities that await on our unique platform. Members can also enjoy some special perks in the addy Suite at the hotel at 874 Sherbrooke if you’re ever looking for a place to stay in Montreal – for however long you’re looking to stay.
