Serviced apartments are a relatively recent phenomenon. They are fully furnished flats that have similar amenities to hotel rooms and can be used for either short-term or longer-term stays, offering a more home-from-home type experience.
Some of the main benefits of staying in a serviced apartment as opposed to a hotel room are that they offer on average 30% more space, more privacy and are more cost-effective in terms of there being no extra hidden costs and fully equipped kitchens reduces meal expenses.
In recent years, the serviced apartment – a subsector of the hospitality industry – has grown more than any other temporary accommodation class in Europe. This can in part be attributed to globalisation and the needs for workers to travel more frequently to offices located out of town, and companies looking for less expensive ways to accommodate them.
Also, families may have a reference to stay together and require a different set up to what hotels offer, in terms of wanting to keep an elderly relative close, having an office space to catch up on work tasks, or to allow older children more privacy.
Amongst businesses, their usage is also increasing. According to a recent survey carried out by the Business Travel Show in November 2016, four in ten corporate buyers have reported that they would have used serviced apartments more by the end of 2016 than they did in 2015.
Due to their cost-effective nature, they are becoming popular with companies sending employees on business trips, and those travelling for leisure who require more flexibility in their accommodation than what a hotel can offer.
Serviced apartment companies are relishing their success and are subsequently expanding at a fast pace. This demonstrates a confidence in the market, and indeed, a 2016/17 report by Savills predicted that 2017 would be “record growth” in terms of new developments in the UK.
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