HBAA reports rise of serviced apartments

HBAA reports rise of serviced apartments

Agent members of the HBAA have reported that 30 per cent of their clients are ‘increasingly’ using serviced apartments for their transient accommodation needs.

HBAA member The Apartment Service surveyed agent members as part of its Industry Report 2013-2014, which was released in June 2013.

Some 23 agencies provided information for the report, with 57 per cent of respondents claiming that over the past year, clients have utilised serviced apartments more than they did in the preceding 12 months.

Equally, 52 per cent of the surveyed members claimed that apartment usage is growing as a percentage of overall room night volumes and spend.

While price remains a key denominator in clients’ decision to use serviced apartments as opposed to hotels (38 per cent of respondents indicated this to be the most important factor), agents also indicated that self-catering facilities and independence are increasingly high on the agenda.

With corporate bookings remaining a key component of serviced apartment operators’ business mixes, the figures are encouraging for the HBAA’s serviced apartment members, which include Dolphin House, Globe Apartments and Greenwood Serviced Apartments.

Ricky Kapoor, chair, HBAA serviced apartment committee, said: “Business travellers today are much savvier and are increasingly looking for more choice and flexibility; they’re switching on to the fact a serviced apartment offers cost savings and greater convenience, as well as the independence and comfort afforded by treating an apartment as their ‘home from home’.”

The news comes as London prepares to host the Serviced Apartments Summit next week.