Europe has lagged behind its contemporaries in the US when it comes to providing serviced apartments. While firms like Clarendon have built portfolios in London there is a limited capacity for travellers looking for accommodation alternatives. New research suggests that is set to change.
Travellers, whether their journey is business or leisure, are always excited by choice. Diversity might come in terms of price, location or amenities but it is real choice and the opportunity to create a place to stay that suits personal need that attracts the discerning customer.
Yet for European travellers there has long been a sizeable gap in the market. Despite businesses like Clarendon growing a portfolio of serviced apartments in London, in fact the level of competition is small. Travellers in Europe do not have the widespread opportunity presented by the serviced apartment industry. By being restricted to hotels they do not have the full set of accommodation options presented to their travelling counterparts in the US and beyond.
This is set to change according to new research conducted by the international real estate advisor group, Savills. They predict that the serviced apartment sector in Europe will grow by 50% in the next two years. More people will become aware of what serviced apartments are and what they offer claims the research, especially for those looking for an extended stay accommodation.
There are recognised benefits to opting for a serviced apartment instead of a hotel. A serviced apartment offers more space – on average 30% more space – there is increased privacy as the developments largely have secure entry codes instead of the a publicly accessed lobby or foyer. There is increased flexibility for the traveller who can choose to eat in or use the fully fitted kitchen to cook for themselves.
A city like London offers real benefits for the serviced apartment sector. With apartments across the capital in areas like Canary Wharf, The City, South and West London, the West End and Covent Garden, Clarendon offers visitors locations close to transport links and attractions as well as the centres of industry and offices meaning they can get into and out of work easily. As well as business travellers, Clarendon finds many of its guests are relocating to London and are looking for a temporary accommodation to suit their needs before they find a more permanent solution.
London is way behind a more mature market like New York but there is real opportunity in the capital. Clarendon has developed improved modes of communication to tell guests more about what is available in London through social media, improved navigation via the website and a mobile app offering tips and ideas for those staying in London. There is increased demand from travellers in Asia, the US and Australia who benefit from London’s position as a financial and business hub but want to enjoy one of the world’s greatest cities as well. At Clarendon we believe a serviced apartment offers a greater balance and flexibility for the travel market so welcomes increased growth and competition.
Explore Clarendon’s London Guide for business and leisure travellers.