Serviced Apartments are today recognised as a mainstream accommodation form. It is a popular accommodation option with tourists, while demand from business travelers has grown by 86% in recent years (Travel Intelligence Network).
The serviced apartment sector is set to double in size between now and the end of 2017, making it the fastest growing hospitality sector in the UK (Savills).
Advantages over hotel rooms
This success is the result of their appeal when compared with hotel rooms, with a range of distinctive characteristics that ensure strong occupancy levels. Serviced Apartments offer a comfortable home-from-home experience, with communal living spaces and private kitchens.
Guests also benefit from the excellent onsite facilities and management services provided by hotels, at a far lower price. They are also far more flexible regarding length of stay, and are fully equipped with everything from towels and cutlery to TVs, games consoles and white goods.
Technology is changing consumer behaviour
Changing consumer preferences are complemented by technological advances, which have reduced the stranglehold of hotels over the holiday accommodation sector in recent years.
Air B’n’B has had a profound effect on the way visitors book holiday accommodation, raising awareness for alternative accommodation options like serviced apartments.
As a result, investing in serviced apartments is becoming an increasingly appealing, profitable and secured investment. To find out more about serviced apartment investments, get in touch with us!