Corporate buyers boost use of serviced apartments by 57%, says survey

The
Association of Serviced Apartment Providers (ASAP) drew 140 delegates to its
first ever national conference on 19 October, confirming the sector’s powerful
growth in 2010.

The
conference launch follows research from the Institute of Travel and Meetings which found that half
of all corporate accommodation bookers have been turning to serviced apartments
to cut hotel costs.

Travel Intelligence Network’s Mark Harris says of the
ITM research results: “Some 57 per
cent of corporate buyers in the UK are
now using serviced apartments to cut costs. Companies are more aware of the
benefits of apartments, especially for stays of five days or more, while the
apartment environment is the perfect fit for the mobile, self-sufficient
corporate traveller. Coupled with more availability, flexible contract terms and
greater product consistency, more corporates are including apartments in
preferred programmes and are prepared to mandate their use. Serviced apartments
are taking market share from traditional corporate hotels, and the sector has a
very bright future.”

ASAP,
which embraces 44 serviced apartment companies with 7,500 properties
countrywide, has released figures for the third quarter confirming the increase
in demand for serviced apartments. London
occupancy averaged 94 per cent for Quarter 3 (4% up on Quarter 2); while overall
occupancy for the rest of the UK climbed to 80 per cent (up 5% on
Quarter 2). 

The
average net weekly rental for London was £867 or £123.85 per night (an
increase of 2.5 percentage points on Quarter 2). For the rest of the UK the
average net weekly rental was £600 or £85.71 per night (up 1% on Quarter
2).

Paul Colston

Author

Paul Colston

Managing Editor, Conference News & Conference & Meetings World.

Up Next

Related Posts

banner