The serviced apartment sector just keeps on growing...
The sector in numbers
Our UK serviced apartment sector has performed well in 2017,” says James Foice, CEO of ASAP.
“As the STR data confirms, London has achieved a 12.4% increase in ADR at £203.05 – and an overall occupancy of 84.5%, up to 30 September 2017 – although there are signs that demand is softening in the final quarter in view of the significant increase in supply.
“For the UK overall the occupancy performance is 82.1% – a more modest +1.1% increase on last year, with the ADR at £150.31. This reflects the increase in supply in key cities in the rest of the UK such as Manchester, Birmingham and Liverpool.
“It’s hugely exciting to see so much expansion in the sector with a +17% increase in new stock planned by 2020 for the UK and Ireland which represents 3,677 new serviced apartments in 47 properties.”
Data courtesy of data and analytics specialist STR
Data kindly supplied by Silverdoor