November 2022, Virtual
21 November 2022, Hilton London Metropole
Serviced apartment providers are set to increase their supply of properties in the UK and Ireland by 10 per cent in 2014.
According to the Association of Serviced Apartment Providers (ASAP), which represents 80 per cent of the serviced apartment industry, its members will increase the total UK and Ireland supply by 1,276 apartments this year.
This represents a 10 per cent growth on the total stock of 13,000 apartments.
ASAP said 70 per cent of the new openings will be in London.
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.
He added: “The expansion is set to continue into 2015 with ASAP members already planning to open over 500 new apartments next year.”
Last week, the travel buyer from BNYMellon said perceptions of the serviced apartment industry are starting to change with the sector now witnessing “considerable” growth.