According to speakers at the recent Seattle Hospitality on the Horizon event, Millennial travelers will soon “be in the driver seat” when it comes to hoteliers meeting their needs. Rather than focusing on the acquisition of things, this demographic has a different need: they want truly authentic experiences from hotel brands.

This shift into today’s “experience economy” comes with both challenges and opportunities for hoteliers. For example, in terms of challenges, most Millennials seek travel recommendations from their peers. In addition, the idea of “a unique experience” changes very rapidly based on fast-moving trends that are often cultivated through social media.

When it comes to opportunities, Millennials seek information from a mobile environment. This is pushing many hoteliers to enhance their brands in this arena. For example, Hilton Hotels & Resorts recently launched a mobile campaign featuring an interactive 360° video that takes the viewer on a virtual vacation.

Though the core challenge will be determining where the next unique experience will be. At one time Austin, Texas, was a prime destination for all things hip and cool. However, due to the increasing popularity of South by Southwest, this once popular destination for hipsters across the planet has become generic to some. The same could be said about Nashville and other U.S. cities that have thriving music scenes.

Hotel brands need to be on the forefront of the next cool destination. Being ahead of the curve when it comes to Millennial traveler trends is not an easy task. It also comes with the risk of investing in properties in cities that may not end up being cultural destinations for young people.

Providing the “experience of place” is the new thing in the hotel arena. Hopefully, today’s brands can develop the right strategies to entice Millennials with lasting, unique experiences. This will take the combination of the right guest-pleasing technologies with the core tenet of real estate success: location, location, location.