According to a survey of European serviced apartment operators by global hotel consultancy HVS, The Serviced Apartment Sector in Europe: Alive and Kicking, the sector saw impressive growth in 2017, with increases in RevPAR across the UK and Europe. There are almost 20,000 units planned for the next five years and operators looking to expand into new markets such as Austria and Poland.
The sector’s biggest challenge is competition with hotels for central sites, but growing interest from investors and strong demand for serviced apartments have nearly doubled the pipeline across Europe.
The crowded nature of the sector has led to the rise of innovative brands, including two ASAP Quality Accredited Operator Members, Cotels’ 7Zero1 fitness-focused apartments, and Staycity’s Wilde Aparthotels by Staycity, and ASAP Member Cuckooz fusion of co-working spaces with childcare, Cuckooz Nest.
The survey also reveals that ASAP Quality Accredited Operator Members Adagio, Staycity and SACO form the top three brands in terms of expansion.HVS-Serviced apartment report-July 18-final2