I like the straight and clear approach. Lettering is just fine.
regarding the pictorial I was hoping for something more "telling". It should communicate more or less who we are and what we do.
something more metaphorical that gives the customer a laugh when seeing it. Something that combines our assets (red carpet + backpacker + hollywood + fun + celebrity). Although I really like your style, it is probably more suitable for serious industries like real estate or insurence, than with a Hostel. Maybe you can come up with something more thrilling and funkier.
pictorial/emblem next to it: Based on the "hostelling international" logo idea, but changed to our needs so no one assumes any relatedness: a villa instead of the hut, a buxtree (round shaped decoration tree) next to it and the red carpet rolling out. all stylish and dynamic, not too old fashioned like a 5star hotel emblem.
hope to get input from you, from what I saw you're pretty good with pictorials...