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The Global Serviced Apartments Industry Report 2015/16

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The Global Serviced Apartments Industry Report 2015/16 The Global Serviced Apartments Industry Report 2015/16 in association with a TIN report Believe in the power of one Today, there is a unified approach to serviced apartments. The TAS Alliance brings together the best independently-owned and operated serviced apartments in a global network, powered by a common technology platform. The TAS Alliance is a 100% solution for buyers looking to build, expand or enhance their serviced apartment programmes. Visit www.theTASalliance.com Powered by The Apartment Service The Global Serviced Apartments Industry Report 2015/16 In association with Adagio, Frasers Hospitality, Go Network & Quest Apartments 5th edition Published by The Apartment Service, 5 – 6 Francis Grove, Wimbledon, London , SW19 4DT, United Kingdom www.apartmentservice.com compiled by Travel Intelligence Network www.the-tin.com Design Creativo Limited www.creativodesign.co.uk Whilst every effort has been made to ensure accuracy, The Apartment Service, Travel Intelligence Network nor Creativo can be held responsible for any errors or omissions. Contents Report methodology ................................................................................. 3 Acknowledgements & sources ............................................................... 4 Glossary of terms ........................................................................................ 5 Commentary – Charles McCrow, The Apartment Service ........... 6 Communication, connection, commercial and clients - Jo Layton, The Apartment Service ............................. 10 Global industry overview I. Executive summary ........................................................................... 12 a. Occupancy & ADR b. Power of the brand c. A new kind of serviced apartment? d. Threats & opportunities II.Supply trends ........................................................................................... 15 III.Demand trends ....................................................................................... 24 a. Talent mobility b. Duty of care c. Serviced apartment adoption d. Achieved rental rates e. Why serviced apartments? f. Taking control g. Millennial Travellers h. Bleisure i. Relocation IV. Distribution & engagement V. Association perspectives VI. Sector challenges VII. Global code of conduct Partner perspectives I. Adagio .................................................................................................... 40 II. Frasers Hospitality ............................................................................. 42 III. Go Network .......................................................................................... 44 Regional reports I. Africa ...................................................................................................... 46 II. Asia .......................................................................................................... 52 III. Australasia ............................................................................................ 60 IV. Central & South America ................................................................ 67 V. Europe .................................................................................................... 72 VI. Middle East ........................................................................................... 85 VII. USA & Canada ..................................................................................... 92 Report conclusion ...................................................................................... 102 Global apartments listing ....................................................................... 103 I. By brand II. Top 15 global suppliers III. Corporate housing 2 Report methodology The 2015/16 edition of the Global Serviced Apartments Industry Report has been responsibly compiled from a range of primary and secondary global sources, both in or closely aligned to the serviced apartments sector. Over 30 industry buyers, suppliers, consultants and trade association representatives were interviewed for this edition of the report by our editor Mark Harris. Their opinions and assessments are reflected throughout. Each provides a valuable insight into local, regional and global demand and supply trends, together with an in-depth look at regional variations developing in their areas. We always strive to fill The Global Serviced Apartments Industry Report with facts and figures about the market. As in previous editions, much of the data presented here comes from the survey undertaken especially for this report by Bard Vos, Marketing Executive at The Apartment Service. The survey for this edition of the report was carried out in July 2014 amongst 2,500 serviced apartment operators, associations, buyers and agents. A copy of the results is available at www.apartmentservice.com/GSAIR Wherever possible, the results of this year’s industry survey have been compared with previous years to highlight trends within the world of serviced apartments. All other information sources are fully attributed and include other publicly available reports and research around the serviced apartments sector or the wider hospitality industry. In all cases, we present the latest figures available within the market. However, where 2013 data has not been available, we have used 2012 figures instead. Editorial team Mark Harris (Contributing Editor) Mark Harris joined the business travel industry in 1990 and has been a Director of Travel Intelligence Network since 2005. A former Marketing Director of Expotel and First Option, and Head of Marketing at ITM, he was voted the business travel industry’s Personality of the Year in 2006. As well as compiling five editions of both the Global Serviced Apartments Industry Report and Meetings Industry Report, over 20 white papers and many client magazines, he is one of the team behind The People Awards, a regular contributor to trade media and moderator/ presenter of industry events. After lunch he is chairman of Witton Albion FC and the Evo-Stik Northern Premier League. Charles McCrow Charles has been the driving force behind The Apartment Service’s 33 year success. With a background in property development and construction, Charles is a long standing member of several industry bodies and a founder member of the UK’s Association of Serviced Apartment Providers (ASAP). Under his leadership the company has been at the forefront of innovation in the sector, the latest example of which is the TAS Alliance. Charles’ investment in technology and people has helped power the growth of the serviced apartment industry, resulting in the launch of the sector’s first alliance of independent operators to provide an end-to-end solution for buyers and travellers globally. Bard Vos Bard Vos has been at The Apartment Service since 1996, becoming Reservations Manager in 1997, and then joining the marketing team in 2004 where he has been involved in all the company’s marketing activities. Bard has researched and monitored all the global suppliers in the serviced apartment sector during this time and written for all 5 editions of the Global Serviced Apartments Industry Reports, including maintaining the Global Serviced Apartment listings and Rate Overviews in key cities. 3 Acknowledgements Contributors Caroline Allen, ACTE With additional thanks to spokespeople from Chris Barnett, Amber Lodging Oakwood and Hilton Sicco Behrens, YourAmsterdamhousing.com Loraine Berry, Lanson Hospitality Sources Simone Buckley, ITM Asian Hospitality Paul Constantinou, Quest Apartments Australian Bureau of Statistics Ken Davidson, Mantra BridgeStreet Global Hospitality Tim Duessen, Derag Brookfield - Global Mobility Trends Survey 2014 Thomas Emanuel, STR Global BTN – Global Travel Trends 2014 Anett Gregorius, Boardinghouse Consulting Buying Business Travel Bruce Haase, Value Place Cartus – Trends in Global Relocation 2013 Andrew Hopgood, Interdean Deloitte – Hospitality 2015 – the Australian Kelly Hornos, Estanplaza Hotels perspective Jose-Luis Hummel, Visionapartments Egencia Bernard Kerkhof, BBF (Serviced Apartments) Ernst & Young – Global Hospitality Insights 2014 Greeley Koch, ACTE Expedia Martin Kubler, Iconsulthotels Global Business Travel association Jo Layton, The Apartment Service Hospitalitybizindia.com Charles McCrow, The Apartment Service Hospitalitynz.com Gloria Marandu, Nottingham Trent University HVS – Here to stay - an overview of the European Mariel Martinez Aragunde, The Apartment Service serviced apartment industry Ian Merrick, Essential Living HVS – Growing up – the European serviced Peter Meyer, Go Furnished Housing apartments sector Pilar Morais, CHI International Jones Lang LaSalle Loren Nalewanski, Marriott PwC – European cities hotel forecast 2014 Vangelis Porikis, Aparthotels Adagio PwC - Hospitality Outlook 2014 – 2018 Miriam Rayman, Flamingo Group Savills - European Serviced Apartment Report 2014 Jonathan Seex, Tamarind Group Serviced Apartment News George Sell, Serviced Apartment News Skift Kunal Singh, Perch Service Apartments Statistics New Zealand Filipo Sonna, Colliers International STR Global Mark Skinner, The Highland Group The Business Travel Magazine Peggy Smith, Worldwide ERC UN Word Travel Organisation (UNWTO) Max Thorne, CL Serviced Apartments US Bureau of Economic Analysis Dominic Tidey, EuRA US Department of Commerce Paul Tilstone, GBTA World Bank Bard Vos The Apartment Service World Property Channel John Wagner, Cycas Hospitality World Travel and Tourism Council (WTTC) – Paul Wait, GTMC Travel trends and economic impact
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