If you’re traveling to Miami on business why not consider staying in a luxury private residence instead of the Ritz? For businessmen and women across the country the idea of having your own “home” to stay in while traveling is gaining popularity. In a 2011 study conducted by PhoCusWright, researchers found that almost 50 percent of business travelers combined vacation days with their trips. This desire makes these so-called vacation rental homes a popular choice for those longing for a homier feel than even the most luxury hotels.
This shift in demand from an upscale hotel room to an actual place of residence is impacting real estate markets across the world, especially in multinational cities like Miami. Today’s businessmen and women want the ability to conduct business in a more relaxed, informal setting, a major selling point of these vacation rental homes. Cathy Ross, chief operating officer of Exclusive Resorts, which owns luxury vacation homes around the world, states that, “You can sit on the couch with your laptop on your lap, and you have a refrigerator stocked with healthy food. More and more people are trying it, and as they try it, it’s hard to go back.”
Similarly, as more and more businessmen and women mix business with personal vacation time, there seems to be room for growth in this area. International businessmen and women can now live in a luxury Miami condo instead of having to stay in a hotel for the extent of their trip. While the luxury hotels provide great amenities, the thing most desired by today’s business traveler is a sense of home, something that no hotel can truly offer.