Here is an issue to think through in advance: When will the room be open, and what are the policies about sleeping in the room?
I've been on a bunch of campuses that had lounges like this (Harvard, Berkeley, UMich, MIT). They all tended to acquire students who worked late at night, leading to the questions above.
As a student, I definitely resented being kicked out of lounges at 5 PM, or 12 AM, or whenever. And I think it caused a problem for female students, in that it moved study groups out of the public lounge spaces into (mostly male) students dorm rooms at night. At the same time, as an older adult, I can see why the university didn't want to be responsible for keeping a space safe at all hours of the night and why they want to encourage students to go to bed at a reasonable hour. And I have heard female students saying it feels unsafe to work in an area where male students are lying out sleeping on the couches. The Michigan lounge is open from 8 AM to 5 PM.
Any way, I don't have a strong opinion about the right way to handle this, but it is something that may come up.