UK serviced apartment sector sees encouraging growth
Serviced apartments are growing in popularity, no doubt about it. People are becoming more aware of them as an option, and many of us are travelling more regularly and for longer with work.
In the UK, revenue per available room increased by 5.5% in the first six months of 2017, and whilst that growth is predominantly from apartments in London, it is a growing option in other cities, too.
Brexit impact
The pound is struggling against the Euro at the moment, which makes visiting Britain more appealing and more reasonably priced for European neighbours keen to take advantage of a favourable exchange rate, and free border crossings, for the time being at least. Once Brexit completes, growth may well slow again, but there is a chance now for businesses in the serviced apartment industry to raise their profile and counter any potential downturn.
Uncertainty over Britain’s departure from the European Union led to a tough 2016, though feeling from ASAP, the Association of Serviced Apartment Providers is that the current positivity will continue, at least in the short term covering the end of the summer.
Hotel or serviced apartment
So what is the difference between a hotel and a serviced apartment? On the face of it, not all that much. The difference is in the detail and what you need from your accommodation. A hotel will give you a private room and a bathroom, with a restaurant and bar in the public areas. An apartment will give you a more ‘home from home’ feel. For a start, there is much more space available to you, and there will be kitchen facilities on hand giving you much more flexibility whether you’re staying a night, a week or even longer.
If you’re staying in a city for any length of time, a serviced apartment can give you the stability you need from a tenancy with the flexibility of a hotel, and they are often right in the middle of a city. Staying in serviced apartments in Birmingham for example, with a company like 8 Waterloo Street Birmingham Serviced Apartments, allows you to be right in the heart of the city.
For more information on the benefits of staying in serviced apartments, see the information on the Emerging Property website.
It is worth looking into serviced apartments ahead of your next trip.
