Serviced Apartments – Strong Growth Sector
Figures just released from the Association of Serviced Apartment Providers (ASAP) prove that the serviced apartment sector has grown rapidly in the last 4 years. Back in 2005 the Association represented 13 members with less than 2000 apartments. By September 2009 it has attracted some 30 members who collectively represent some 5000 apartments in every major UK city – including London, Birmingham, Manchester, Liverpool, Newcastle, Edinburgh, and Cardiff.
The Association’s occupancy figures confirm there is strong demand for this accommodation product. Encouragingly during this year of recession occupancy levels for the sector are holding up well. Average occupancy across the sector was 83% in London for the first 6 months of 2009; and 69% in the rest of the UK outwith the capital city. This compares well with the corresponding period in 2008 when the average occupancy in London was 84% and 71% in the rest of the UK.
David Smith, Chairman of the Association comments:
‘At a time when corporate travel budgets are under pressure, business travellers are increasingly finding that serviced apartments offer an ideal accommodation solution.
Not only do they offer a flexible home-from-home environment with space to sleep, work and eat but they can business travellers keep their costs down further by avoiding the expensive temptations of hotel extras such as minibars and room service and have the opportunity to cater for themselves in the fully equipped kitchens which apartments offer.’
Paul Tilstone, Chief Executive of The Institute of Travel & Meetings (ITM), reports an increase in demand for serviced apartments amongst their 500 strong buyer membership, demonstrated in research undertaken by the association on corporate accommodation programmes. Commenting on the findings, he said: ‘The research confirms that serviced apartments have become an integral part of many company accommodation programmes over the last two years, with 48% of members saying that demand for these products has been increasing and 57% of buyers stating that this type of accommodation is being used to reduce costs and provide alternatives to traditional hotel content for short term stays of 5 days or less’.
Further information – www.theasap.org.uk
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