The Vacation Rental Industry Growth & Its Impact on Corporate Travel
The vacation rental industry is in the middle of a large boom where the big brands are just the tip of the iceberg. It is now an estimated $100 billion industry globally, and with growth comes improvement and a clearer definition of markets. According to Skift, “if properties can meet expectations, demand is likely to rise”. And demand has rose, no doubt about that.
So, the whole vacation rental industry is on fire, but why private villas are becoming so attractive for the corporate travel industry? Pretty much for the same reasons behind the boom of the vacation rental industry: a home, offers something that no hotel can match. Privacy, serenity, and price. I know is counterintuitive calling a private luxury villa in an upscale development like Punta Mita in Mexico’s up-and-coming destination of Riviera Nayarit, as cheap or affordable.
The point is that even when a night at one of these luxury villas may be in the hundreds (if not thousands) of dollars, for a corporate retreat the deal is still much better than booking a dozen rooms in a luxury hotel. What’s more, if it’s not all-inclusive, you would also have to take care of all meals for each and every one in your group, while in a villa usually, you don’t have to worry about that and get private dinners according to your own tastes and with your own private Chef.
Sure, lots of hotels provide excellent business facilities, such as meeting rooms and conference salons, but villas provide all this too but in style. How can a meeting room composed of four white walls and a simple business table, complete with a gorgeous terrace with large exotic tables, lush vegetation and all the amenities a modern office may need such as Wi-Fi access, printer, projector and stuff like that? Where would you prefer to have your business meeting? Sure, many hotels have these kinds of spaces as well, but are they private? Mostly not. Those are public areas where noise and distractions abound. That’s the main advantage that private villas have over hotels, privacy. Nowadays, a luxury villa has everything you need for a business trip, and offers the same facilities than hotels do, but with the privacy and serenity plus.
The vacation rental market in Mexico is enjoying a boom. Check out these popular private villa rentals!
Many companies are now booking private villas for corporate retreats, as villas offer 24-hour coexistence. Nobody can hide in another pool or a different bar. In a villa, groups are together most of the time, which develops stronger bonds and improves trust between the members of the company. The homey atmosphere of a villa makes it easier for people to behave more like they do at their own homes, and take that mask of professional that people use when they go to work. When it comes to the corporate travel industry, the luxury villa rental has become such an attractive option that the big players in the market are betting strongly on this segment, which says a lot about where things will move in the near future.