Are you thinking about investing in commercial real estate? Invest in entertainment resorts. This article explores what has helped entertainment resorts increase in popularity and a few tips on how to invest in them.
The first thing you think of when you hear of commercial real estate is doubtful to be entertainment resorts. You likely think about malls, hotels, office buildings, casinos, medical centers, or wellness facilities. You think of all sorts of commercial buildings that function individually.
But how about combining all these things into one large building? By doing so, you get an entertainment resort.
Entertainment resorts have become a fascinating part of commercial real estate. One of the reasons is the fact that they have become a key component of hospitality over the past few years.
Consumers' preferences while traveling have shifted drastically when it comes to the accommodation they choose. They are no longer looking just for a place to sleep. They are looking for a full experience at the place they are staying at during their vacations. Today's travelers look for a comfy bed to sleep in and places to shop in, casinos to have fun in, places to meet their friends, facilities to relax, and offices to attend their formal meetings. That's pretty much why entertainment resorts shine these days.
Keep reading below to find out more about entertainment real estate and tips on how to invest in your entertainment resort.
Areas of entertainment real estate to invest in
First things first, let's make sure you understand what entertainment resorts are.
The name might be pretty self-explanatory. Entertainment resorts are places that are not only used as accommodation for holidays or recreation purposes but also for, well… entertainment.
Entertainment real estate venues basically embed all types of opportunities for consumers, besides accommodation. Entertainment venues can include anything from movie theaters to wellness facilities, attractions such as amusement or water parks, 5-star restaurants, gaming and casino locations, and many other opportunities to have fun and relax.
These can also be different entertainment properties that you can invest in. However, this doesn't mean that you can't also combine them all in a single entertainment resort that embeds all these activities for consumers.
Tips for building your own entertainment resort
Entertainment resorts that include as many entertainment and relaxing opportunities for consumers are gaining momentum these days. This means that they are great real estate investment opportunities for investors in the industry.
Overnight accommodation is no longer the only thing that consumers are looking for during their travels. These resorts need to be a genuine living space that allows them to shift between fun and relaxing activities.
Now, building such an entertainment resort can seem like a lot of work. But, there are only a few key things that can make the difference between finding success or not with your entertainment resort.
The ambiance, vibe, and design of a resort matter a lot in how great travelers' experiences are. Yet, they are not the only things that matter when you're building a resort in the hospitality and leisure area. Here are other essential things you need to know:
Choose the right location
The location of the resort matters a lot to consumers. The location itself can be an experience.
Think about it: when you go on a vacation, you also likely want to wake up to a breath-taking morning view such as the mountains or a crystal-clear ocean and beach. The same is for the travelers that will stay at your entertainment resort.
So, when thinking about investing in an entertainment resort, make sure to buy a property in an exotic and beautiful location, be it close to the mountains or right next to the beach.
Make it all-inclusive
Although location attributes such as mountain views or a private beach are crucial features for a thriving resort, what truly matters at the end of the day for consumers is the compelling guest experiences they get at the resort.
All-inclusive facilities are becoming incredibly popular among travelers who want to make sure that, on their vacations, they won't have to worry about anything from eating delicious food, sleeping in a comfortable and luxurious bed, to finding entertainment in the area. For example, during their trips, some travelers may look for some Las-Vegas style gambling and casino facilities to get entertainment. You can take the example of popular Spanish casinos facilities that are offered in hotels around the country.
Other travelers have other more specific needs. For example, some travelers may also need a more formal environment if they combine business with pleasure during their trip. Others may look for specific activities such as winter sports or amusement parks for those who are on family trips.
The broader the target audience you want to have, the more services that offer the best experiences you should offer. It will always sound like a good idea for travelers to have everything they need during a vacation gathered in a single location.
Provide extra services
Besides providing all-inclusive experiences in your entertainment resort, you can also provide some additional services to make the stay of your guests even more enjoyable. Plus, such services can help you gain a competitive advantage if other such resorts don't offer them.
For example, you can offer airport pickup services for travelers that come from abroad and are not familiar with the area or fear that they can't get to your location on their own. Another service you can offer is an advantageous car rental service for those guests who want to get around the area on their own.
Or, for those parents who come on family trips but need some moments alone to relax at your resort facilities, you can offer babysitting services. This will help them rest assured that their kids are taken care of while they get to enjoy some time alone during their trip.
Adapt your real estate marketing
If your investment portfolio includes some other commercial real estate buildings, your marketing is likely tailored to the needs that these venues fulfill. But, when it comes to marketing an entertainment resort, your strategy needs to focus on the idea that consumers can find it all in just one location.