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News Archive - August/September 2017

Serviced apartment providers get creative to beat competition

Serviced apartment providers get creative to beat competition

Serviced apartment operators are evolving their facilities and embracing short stay guests to succeed in an increasingly crowded marketplace, according to a new report.

Hotel consultancy HVS examined the concepts and plans of 17 serviced apartment providers. It found that there are 10,000 units currently in the pipeline across Europe, 37 per cent of which are due to open by the end of the year.

The majority of these openings will take place in the UK (41 per cent) with Germany accounting for 32 per cent.

To distinguish themselves from their competitors, operators are becoming more creative introducing new facilities such as communal spaces or dining areas, often at the expense of kitchens in the rooms.

Bridgestreet opened its first Stüdyo serviced apartment in London in March and is set to launch its Stow-Away property in Waterloo consisting of 20 prefabricated modular micro-apartments this year.

Ascott has announced its new lifestyle brand lyf designed for the millennial market, which will be managed by millennials acting as community managers, city and food guides and bar keepers. The pipeline will focus on cities in Australia, France, Germany, Indonesia, Japan, Malaysia, Singapore, Thailand, China (where the pilot property will open in 2018) and the UK, aiming at opening 10,000 units by 2020.

Meanwhile, a new concept - Livinghotel - has been implemented in Visionapartments’ newest additions to the portfolio. The apartments in Vienna and Vevey (both former hotels) will offer access to large public spaces with a shared kitchen where tenants can eat together.

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