The rise of communal living in hotels
In the not-so-distant future, hotels are likely to become residences for people looking for long term stays, rather than short overnight trips.
As a result of the pandemic and the hospitality industry facing incredible challenges, the world is evolving. Not only are people reconsidering their careers and placing more importance on community and quality of life, spaces are becoming more multi-functional: workspaces combined with barbers and florists; yoga spaces with award-winning restaurants attached. Hotels are no different and are currently undergoing a co-living transformation.
The emergence of co-living
Let us explain the concept, which works two-fold. Firstly, it’s where people shunning traditional rented housing move into a functioning hotel for a longer and more permanent stay, with some hotels developing residences for people to live in for a year at a time.
Secondly, it’s the rise of existing hotels being repurposed and redesigned to create co-living spaces – which is where the importance of interior designers comes into play. As designers, we thrive on working on large scale projects and because we have so much prior knowledge about the evolution of the hotel, transforming a traditional hotel or designing a new one to incorporate co-living are things we are best placed to advise on.
Why are more people wanting to experience co-living? At its core, co-living provides individuals with fully furnished and well-equipped living spaces within a shared environment. This concept is different from traditional serviced apartments or houses because it prioritises community, convenience, an affordable cost of living and an enriched living experience.
According to the Financial Times in June 2023, a multi-million joint venture between asset manager PGIM Real Estate and co-living operator Weave acquired Rosedale Hotel in Kowloon, Hong Kong, with the intention of converting the 435-key property into a co-living property. Meanwhile, in Singapore, real estate management firm LHN Group has invested USD$65.5 million over the past three years to acquire properties under its co-living brand Coliwoo.
This proves there is a clear demand for co-living in spaces that plug the gaps and inefficiencies of traditional housing. With the rise of remote work and more people adopting a more nomadic lifestyle, co-living has become a brilliant solution to continually soaring rents and unattainable mortgages. In turn a co-living hotel can become the hub of community life, offering spaces and services that cater to the needs of the local residents.
Shaping your design journey
We recognise that people no longer just want a place to stay, they want a more affordable and enriching life experience. If cleverly designed, a co-living space in a hotel can provide people with a sense of community, forging connections and embracing a lifestyle that combines work, life and adventure in a unique way.
Do you have a challenging interior design project you’re struggling to conceptualise and bring to life? Let us help you.
