Serviced apartment sector to grow 10% in 2014

15 July 2014 by
Serviced apartment sector to grow 10% in 2014

The serviced apartment sector is set to grow 10% this year, with more than 1,276 apartments in the UK and Ireland.

According to the Association of Serviced Apartment Providers (ASAP), 70% of the new openings will be in London. The growth will take the total stock in the UK to 13,000 apartments.

In the capital significant openings include Go Native, which is set to open 135 apartments in Stratford East next month and StayCity, which has opened 161 apartments in Greenwich.

Elsewhere, House of Fisher opened its first dedicated aparthotel in Reading, with 50 apartments in January, while ESA is opening 83 apartments in new destinations such as Woking and Guildford.

ASAP managing director James Foice said: "It's very encouraging to see so many of our members expanding this year, proving that the demand for serviced apartments from both the corporate and leisure sectors continues to grow strongly both in London and in key locations in the rest of the UK. London operators achieved quarter one occupancy of 77.8% with the rest of the UK achieving 72.2%.

"The expansion is set to continue into 2015 with ASAP members already planning to open over 500 new apartments next year."

Pictured is Oddfellows, an 18-bedroom boutique hotel in Chester, which is to expand with the launch of five apartments.

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