In 2024 Serviced Apartments are the TOP Choice for Corporate Stays
The Global Serviced Apartment Industry Report (GSAIR) 2023, released by Ariosi Group, sheds light on the remarkable growth in the corporate demand for serviced apartments. In this blog, we’ll explore key findings from the report and delve into the evolving trends shaping the serviced accommodation landscape.
Rising Corporate Preference for Serviced Apartments
The report highlights a substantial increase in the adoption of serviced apartments among corporates, with 53% expressing a higher usage rate compared to the previous year. Additionally, 39% reported increased utilisation for project or assignment work, emphasising the sector’s growing importance in corporate accommodation strategies.
Extended Stays on the Horizon
A significant revelation is the anticipation of an increase in the average length of stay. A staggering 89% of corporate lets foresee longer stays or expect them to remain consistent in 2024.
Key Decision Drivers: Cost, Location, and Sustainability
- Cost Reigns Supreme: The report underlines that when travelers choose between hotels and serviced apartments, keeping costs in check is the top priority.
- Location Dominates Priorities: Travel agents and Relocation agents revealed that their clients prioritize location (85%), followed closely by the length of stay, price/quality comparison, and guest experience (all 82%). Surprisingly, traveler preference ranked lowest.
- Sustainability Dilemma: While sustainability is a top priority for corporate lets, it remains uncertain whether they are willing to pay more for eco-friendly accommodations. The report suggests a potential gap between corporate priorities and operator practices.
Impact of Inflationary Pressure on Sourcing Decisions
- Inflationary Impact: 75% of operators plan to counter additional energy costs caused by inflation by increasing nightly rates.
- Differing Expectations: In contrast, 50% of corporates and 46% of agents anticipate suppliers to seek savings in alternative areas instead of implementing higher nightly rates.
Pillow Partner’s Offer for Success in 2024
Pillow Partners introduces flexible options for those not ready to commit to a full franchise in 2024. Two exciting opportunities include:
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PARTNERSHIP: Enjoy all the benefits of a Mini-Franchise without the full commitment of Serviced Accommodation Property Management.
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AFFILIATE: Earn lucrative commissions by aiding in Pillow Partners’ growth. With a minimum of £1,000,000 allocated for partners and affiliates in 2024, this presents a unique chance to capitalize on a thriving industry.
Our Vision for You
As we step into 2024, Pillow Partners is not just a business opportunity for you; it’s a commitment to making lives better. Here’s how:
- Holistic Support: Pillow Partners goes beyond mere collaboration; it’s a supportive ecosystem where individuals can thrive. The focus extends beyond business growth to fostering personal growth and well-being.
- Comprehensive Training: Pillow Partners doesn’t just offer a partnership; it provides comprehensive training programs. Whether you’re new to the industry or looking to enhance your skills in serviced accommodation, our training initiatives are designed to ensure your success.
- Mentorship by Scott Weir: Gain from the firsthand expertise of Scott Weir himself. His mentorship adds a unique dimension to the partnership, providing invaluable insights and guidance to navigate the serviced accommodation business landscape.
Key Takeaways
As the serviced apartment sector continues to thrive, corporates are redefining their accommodation preferences. Stay informed, adapt to evolving trends, and position yourself for success in 2024 with Pillow Partners.
Looking for more tips to excel at your service accommodation business? Head over to our blog Pillow Partners: Serviced Accommodation Mastery 2024
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