Some investors are betting the next big market in hospitality will be the scruffy, cost-conscious backpacking crowd.
AllianceBernstein LP, Invesco Ltd. and billionaire Ronald Burkle’s Yucaipa Cos. all are pouring money into upscale youth hostels, a new kind of lodging that has been growing in Europe and is starting to crack the U.S. market.
These accommodations look nothing like what traveling college students of years ago are likely to remember. Back then, a youth-hostel stay usually meant sharing dingy, cramped quarters with a dozen strangers and waiting to use a communal restroom.
Read the entire article at the Wall Street Journal.