Perceptions of the serviced apartment industry are starting to change with the sector now witnessing “considerable” growth, according to Mervin Moonien, travel manager EMEA, Bank of New York Mellon
Moonien said relationships between apartment providers and buyers have improved “dramatically” and there is now a “better understanding” from the industry of what travel managers want.
Moonien was speaking yesterday (July 9) at the Serviced Apartment Summit, held at the Montcalm hotel in central London. The panel was moderated by BBT executive editor Bob Papworth.
“The last two years the sector has grown considerably,” said Moonien. “We’ve seen more growth in this sector than anywhere else. This is because of an improvement to important factors such as cost, service and availability.
“There’s been a big push from buyers towards serviced apartments and it’s good to see they’re starting to break the mould,” he added.
He advised apartment providers to focus on building better relationships with buyers to gain more business. “You need a relationship of trust. Work closer together to find out what their travellers really want.”
Moonien said there was room for small independent providers in the industry and buyers want to work with them, “if they can provide what we need – safety issues, lone female travellers and understanding the culture of the organisation.”
Also speaking on the panel was Mark Gallen, director, MG Sales Performance, who said as serviced apartments are still in their “infancy” they should start by targeting the bottom of a company and “working up slowly”.
“There is always a risk for buyers switching to a different accommodation model,” said Gallen. “So providers should definitely work on a bottom-up approach.”
BBT is a media partner of The Serviced Apartment Summit.