The findings suggest hostels are outpacing other accommodations in terms of occupancy rates, while average daily rates (ADR) for private rooms have grown globally.
Drawing from a data set of 3000+ properties across 95+ countries, and representing everything from small hostels to hostel groups, Cloudbeds' State of Hostels report is packed with data. Stay ahead and discover why 2024 is the year of chasing demand.
Backpacker hostels currently have their backs against the wall due to the impacts of COVID-19 on international and domestic travel. Due to these unexpected changes, hostels will struggle to survive. They need to proactively diversify their revenue streams, as well as play to their strengths and surroundings
The commercial hybrid hostel product is still a relatively new concept and investors should become more aware of this operational model as it expands into new markets.