What are serviced apartments and why are they fast becoming the business accommodation of choice?
Serviced apartments are a relatively new concept that were first introduced in the U.S in the 1980s. Today, serviced apartments span the globe although recent research by Knight Frank shows that North America still accounts for 61% of the world’s serviced apartment locations, with Europe (17%), Australasia (11%) and Asia (5.5%) in tow.
While the definition of a serviced apartment may vary region-to-region it is most commonly defined as a fully furnished apartment available for both short-term as well as extended stays, providing many hotel-like amenities. The main attractions for any organization include the flexibility for length of stay, range of amenities and cost containment.
Despite global economic uncertainty, the demand for serviced apartments has grown significantly in recent years. According to a report by The Apartment Service, the number of serviced apartments in the world has grown 80% since 2008 to about 750,000.
Traditionally, hotels were the primary option for business travelers, but the steady growth of serviced apartments means organizations have realized the benefits of this alternative accommodation solution.
As business travel has evolved to include more global assignments and extended stays, the needs of business travelers have evolved too. Serviced apartments will continue to thrive and be an integral accommodation solution as travelers seek more space, amenities and a home-like environment.
Here are just a few reasons why business travelers are more often choosing serviced apartments as their preferred accommodation:
For any accommodation requests or reservations, please contact our respective offices.