According to a recent ASAP report, 2016 was a much better year for the serviced apartment sector than was predicted by experts. The full year occupancy – which is the main measure by which the industry judges its success – was at an average of 81% across the country, which was a similar result to 2015. The predicted figure was less than 80%.
The serviced apartment sector outperformed the hotel sector
Serviced apartment’s occupancy rate of 81% was comfortably higher than the hotel sector’s (77.2%). So all signs suggest that 2016 was a strong year in the face of a tough economy.
I think this is reflective of changing trends in people’s travel habits. Whether travelling for business or pleasure, on a long-term or short-term basis, we’re all travelling more – and we’re all starting to want more out of our experiences.
Serviced apartments give you more. They give you the privacy of having your own home. They give you the space to spread yourself out. They give you the flexibility to do and eat what you want, when you want. And best of all, they give you all this and more at a lower price than the equivalent hotel.
So it’s little surprise to me that the serviced apartment industry is showing resilience in challenging times. As awareness of the industry grows, more and more people are recognising what all the fuss is about.
In 2017, I expect serviced apartments to continue to break new ground. Towards the end of last year, the ASAP conducted a survey that suggested that serviced apartment operators felt confident about 2017 – with more than 30% saying they’ll be proactively expanding.
There are plenty of opportunities ahead with so many guests yet to appreciate what our wonderful little industry can offer them.
Heading to London in 2017?
Whether you’re arriving on business or taking a family holiday, our bespoke and high-end boutique serviced apartments – located in historic Hampton Court and Claygate Surrey, will make your trip extra special.
Find out all about Craven House here.