Optimism in the serviced apartment sector is at its highest since the Covid-19 pandemic broke out, according to the latest Association of Serviced Apartment Providers (ASAP)/Savills sentiment survey conducted in June 2021.
87.3% of respondents are ‘slightly or significantly more optimistic about their business outlook over the next 12 months, up from 71.8% in November 2020. 74.6% of respondents expect occupancy levels to return to 2019 levels before the end of 2022, hinting at a 6-18 month recovery period.
Press release around the key findings of the ASAP / Savills Sentiment can be viewed belowASAP Sentiment Survey -June 2021 Findings
Josh Arnold, commercial research analyst at Savills, comments: “The serviced apartment sector is well placed to alleviate some of the concerns the public may have when staying away from home. While social distancing measures have been reduced, the mood among the public is still one of caution. The configuration of serviced apartments, with better self-containment which supports social distancing and guest safety, will ease some of these worries.”
James Foice, ASAP CEO, adds: “Respondents to the survey have been realistic but still remain optimistic about recovery, which is most heartening to hear.
“Across the whole hospitality sector, we are seeing how essential COVID-readiness is going to be for recovery. The response we’ve had from both operators and travel buyers to our own Stay with Confidence Promise, which forms part of independently-assessed accreditation, only reinforces this.
“All told, the serviced apartment sector is ideally poised to recover faster than many other sectors, thanks to its flexible and self-contained accommodation. Adding accreditation and enhanced cleaning standards means operators are offering maximum reassurance about standards, making them very well-placed to bounce back.”
DISCOVER THE FULL FINDINGS – register for the presentation with ASAP & Savills
ASAP Member, Industry Supplier or within the ASAP Buyers Group and would like to attend the live presentation by Savills of the key survey findings?
If so, please register here for the event taking place Tuesday July 13th at 0845am BST