When Miami's historic Indian Creek Hotel was reborn as a high-style hostel in 2012, the owners knew that to compete in such a posh city, they'd have to up their game. So they enlisted design gods Roman and Williams, who incorporated their signature curated interior vibes—handmade rugs from Peru, colorful Mexican serape blankets and warm woods. There's nothing sparse about a Freehand hostel. The same can be said about the new locations in Chicago and Los Angeles. Guests can rent custom bikes or kick back in the award-winning Broken Shaker bar, sipping handcrafted cocktails made with local herbs.

One of the first hospitality companies to bring a boutique hotel sensibility to the hostel experience, Generator has locations in every punch-list city in Europe—Amsterdam, Barcelona, Berlin, London, Madrid and Paris. Places where your hotel bill can easily cut into your travel budget. Like a WeWork, each building is uniquely designed to reflect its city, but all share the same qualities—spotless rooms, a lively bar and impeccably designed lobby, complete with interesting furniture and custom art by local artists.

Housed within a historic building from the 17th century, the interiors of this hostel mix old school charm with modern aesthetics. Private and shared rooms are outfitted with bright-colored lattice brick bunk beds under original brick barrel-vaulted ceilings. The perks are plentiful: a rooftop swimming pool, lively beer garden, a restaurant serving Mexican street snacks, plus complimentary bicycles to get around town.

Iceland makes for a dream vacation. But it can get expensive, quick. Thankfully, this hostel-hotel combo, in a stylish restored 1930s building has three floors of affordable but comfortably furnished bunk rooms, while the top two floors are reserved for private hotel rooms (some with terraces). Sleek interiors and furnishings with pops of bold colors lend a youthful, modern appeal. While the team of dedicated concierges make you feel taken care of by planning excursions. Let them help you get to Instagram-worthy attractions like the Golden Circle or Blue Lagoon. At night, hang around the lobby and take in live music by local musicians.

The family-owned Plus brand, which launched in 2004 with a hostel in Venice has grown to include properties across Europe. The design and interiors are a little more standard, but the amenities are outstanding, especially considering the extremely affordable pricing. In Berlin, for example, each room comes with a bathroom and flat-screen TV. Other bonuses? A sauna and an indoor swimming pool, free yoga and even an shuttle that will take you to and from the airport.