Serviced apartments hit the million mark
THERE are now over one million serviced apartments worldwide according to figures in The Apartment Service’s Global Serviced Apartments Industry Report (GSAIR).
The new report says apartments are now found in over 13,164 locations worldwide. This compares to 826,000 apartments in 10,777 locations two years ago in the previous edition of the report and represents growth of 23.7%.
The report found that over half of corporates are using serviced apartments for business travel, with 40% of corporates allocating up to 20% of accommodation budget to extended solutions. Additionally, 37% of corporates are not mandating the use of a specialist agency channel, and 47% of corporates allow travellers to independently select their own long-stay accommodation.