GSAIR – the Global Serviced Apartments Industry Report 2018-2019
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GSAIR – The Global Serviced Apartments Industry Report 2018-2019 in association with a T I N report Travel Intelligence Network One agency, 7 global offices 1,096,547 serviced apartments in over 160 countries The Global Serviced Apartments One agency, 7 global offices Industry Report 2018/19 Global Serviced Apartments Industry Report 2018/19 In association with AKA, Frasers Hospitality, Quest Apartment Hotels 7th 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 Designed by Creativo www.creativodesign.co.uk 1,096,547 serviced apartments in over 160 countries Disclaimer Whilst every effort has been made to ensure accuracy, neither The Apartment Service nor Travel Intelligence Network can be held responsible for any errors or omissions. Confidentiality Notice Copyright © 2018 by Room Space Limited t/a The Apartment Service. All rights reserved. This document or any portion thereof may not be reproduced or used in any manner whatsoever without the express written permission of the Company. This document is intended for the person it is addressed to only. The information contained within is strictly confidential and/or protected by law. If you are not the intended recipient of this document you must not make any use of this information, copy, store, disclose or show it to any unauthorised person. Contents Report methodology...................................................................................................................................... 3 Acknowledgements & sources.................................................................................................................. 4 Glossary of terms............................................................................................................................................. 5 About The Apartment Service.................................................................................................................. 6 Commentary – Charles McCrow............................................................................................................... 8 Celebrating mission, vision and values and doing the right thing - Jo Layton................. 22 Case study – UBS............................................................................................................................................. 25 Case study – Worldwide Bank................................................................................................................... 26 Global lodging forecasts - Miles Agbanrin, Euromonitor............................................................. 27 Case study - Graebel...................................................................................................................................... 37 Investment landscape – Mark Harris...................................................................................................... 39 Supply and the brand landscape – Bard Vos..................................................................................... 44 Case study – AIG............................................................................................................................................. 50 Partner perspectives - AKA........................................................................................................................ 52 Partner perspectives - Frasers Hospitality.......................................................................................... 54 Regional report - Africa................................................................................................................................ 56 Regional report – Asia................................................................................................................................... 64 Regional report – Australia.......................................................................................................................... 74 Market perspective - Quest......................................................................................................................... 80 Regional report – Europe............................................................................................................................. 82 Regional report – Central and Latin America.................................................................................... 95 Regional report – Middle East.................................................................................................................... 102 Regional report – USA and Canada........................................................................................................ 114 Past, present and future outlook – George Sell................................................................................ 123 The view from the top................................................................................................................................... 125 List of charts & tables.................................................................................................................................... 127 2 Report methodology The 2018/19 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. Once again, over 40 industry buyers, suppliers, consultants and trade association representatives were interviewed for this edition of the report by our team of writers. 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 at The Apartment Service. The survey for this edition of the report was carried out during November & December 2017 amongst 6,000 corporates, 2,000 serviced apartment operators and 1,800 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. 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 Head of Marketing at ITM, he was voted the business travel industry’s Personality of the Year in 2006. TIN’s output has included the Global Serviced Apartments Industry Report, Meetings Industry Report, 40+ white papers, several client magazines, The Serviced Apartment Awards and The People Awards. Mark writes regularly for trade magazines and moderates 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 37 year success. With a background in property development and construction, Charles is a long standing member of several industry bodies, a founder member of the UK’s Association of Serviced Apartment Providers (ASAP) also winner of the Serviced Apartment News 2017 Industry Inspiration and lifetime achievement award. 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 the time and written for all six editions of the Global Serviced Apartments Industry Report, including maintaining the Global Serviced Apartment listing and Rate Overviews in key cities. 3 Acknowledgements Contributors Christopher Lund, Colliers Miles Agbanrin, Euromonitor Rebecca Hollants van Loocke, Frasers Hospitality Mark Chabari, Broll Mariel Martinez, The Apartment Service Dale Collins, Graebel John Melinte, Sky View Suites Mark Cushieri, UBS Tania Odabashian, CHPA Kevin Goh, The Ascott Group Mary-Anne Passi, CHPA Juha Hamaleinen, Forenom Moussa Samake, Vision Apartments Marie Hickey, Savills Paras Sangwan, PAJASA Jan Jacobsen, AIG Mark Skinner, Highland Group Pierre Jansson, Frogner House George Sell, Serviced Apartment News Bernard Kerkhof, BBF John Wagner, Cycas Hospitality Martin Kubler, SPS Affinity George Westwell, Cheval Jo Layton, The Apartment Service Andrew Weisz, The Ascott Limited Sources & further information Individual sources are shown in the footnotes at the bottom of each page of this report. Other sources were