Speakers at the Serviced Apartment Summit described the sector as ‘growing up’ and now being taken seriously, with Europe an inviting market as it is generally under-supplied.
ASAP members Staycity, BridgeStreet, Frasers and SACO among others gave their views on the growth of sector, while experts described the diminishing difference between hotels and serviced apartments in terms of investment and finance.
The effect of the sharing economy was also discussed, with Airbnb forecast to be the second largest lodging brand by 2020, eclipsing Hilton. Short term rentals were described as especially popular in Spain, Japan and Brazil, while the average age of renters on home sharing sites is higher than the millennials most brands are chasing.
New platforms, apps and technologies are likely to make their mark in a fast-evolving sector, and the acquisition of smaller brands by larger is likely to increase.