Radisson Hotel Group says it plans to double its EMEA portfolio of 45 serviced apartments over the next five years with openings planned for Paris, Amsterdam, Dubai, Istanbul, Larnaca, Cortina, Cairo and Riyadh, along with further openings in Germany.
The apartments will be developed as either standalone properties or a mixed-use development in combination with a traditional hotel operation, allowing the group to cater to different segments from midscale to luxury.
The apartments will feature studios, one- and two-bedroom units with fully equipped kitchens, en-suite bathrooms, 24-hour reception, housekeeping services, social and communal spaces, food & drink options and a range of leisure facilities tailored to the location.
Elie Younes, executive vice president and chief development officer at Radisson Hotel Group, said: “For many years we have explored the strong demand for serviced apartments and extended stay products by recognising it as an attractive risk-adjusted investment proposition that has considerable growth potential.
“Given its relevance to the current economic climate, this value proposition has recently been further defined in our portfolio, offering a holistic concept with more opportunities for our investors and more possibilities for our guests.”
The group's serviced apartment portfolio in the region has more than 5,400 units in operation or development.