The Serviced Apartment Price Radar report, published annually by ASAP Premium Business Partner Acomodeo, highlights price differences in the world’s major business destinations, when booking a serviced apartment compared to a hotel room in 2019.
The 2019 report shows that booking serviced apartments over an equivalent hotel room reduces business travellers’ accommodation costs by up to 60%, while enjoying superior comfort.
The key points include:
- For travel of 4 nights and longer, booking a serviced apartment over a hotel is more cost effective, regardless of the destination.
- The destination’s relevance for long-stay travel plays a major role in the average price as the longer the stay, the lower the price.
- Serviced apartment supply can strongly differ from region to region and from one city to another, which consequently has an impact on competitiveness.
- South-Western and Central European regions offer the most consistent price advantages, as a result of well stablished long-stay demand and supply.
- Despite the limited living space in global megacities in relation to the vast demand, serviced apartments still outperformed hotels in New York, London and Tokyo to name just a few.
Contrary to hotels, serviced apartments’ price per night decreases as the length of stay increases. This
digressive pricing model, together with the superior comfort, makes serviced apartments especially
attractive for long stay travel.