Welcome to our blog where we delve into the world of serviced apartments, exploring what they are, their growing significance in the hospitality industry, and how they are reshaping the way we experience travel and accommodation. A Serviced apartment has become synonymous with convenience, comfort, and flexibility, offering guests a home-away-from-home experience that combines the best of both worlds: the comforts of residential living with the amenities and services of a hotel.
In this blog, we’ll uncover the various facets of serviced apartments, from their definition and features to their benefits and impact on the hospitality landscape. Whether you’re a seasoned traveler, a curious investor, or a hospitality enthusiast, join us as we unravel the secrets behind this rapidly expanding sector and discover why serviced apartments are becoming the accommodation choice for travelers around the globe.
When you search for “what is a serviced apartment?” online, you’ll come across a range of terms such as “long-term and short-term stay accommodation”, “extended stay apartments”, and “apart hotels”. Essentially, serviced apartments are designed to offer guests a home-away-from-home experience, combining the comfort and convenience of a residential setting with the amenities and services typically found in hotels.
This sector is experiencing rapid growth within the hospitality industry, making it one of the fastest-growing segments. Investors are adapting to shifting demands by redefining the concept of serviced apartments and introducing innovative products to meet the evolving needs of travelers. As a result, developers are challenged with constructing properties that not only cater to this demand but also enhance the overall consumer experience. With its promising growth trajectory, the serviced apartment industry is poised for significant expansion in both the short and long terms, representing a lucrative opportunity for stakeholders within the hospitality sector.
What is Serviced Apartment?
A serviced apartment is a fully furnished accommodation option that combines the comforts of home with the convenience of hotel-like services. These apartments are equipped with amenities such as kitchens, living areas, and private bathrooms, providing guests with a self-contained living space for short-term or long-term stays. What sets serviced apartments apart from traditional hotels is their flexibility and cost-effectiveness. Guests have the freedom to cook their own meals, do laundry, and enjoy spacious living areas, making them ideal for families, business travelers, and individuals relocating to a new city. Additionally, serviced apartments often offer inclusive utilities and amenities, eliminating the need for separate bills and expenses, thus providing excellent value for money. With their blend of comfort, convenience, and affordability, serviced apartments have become a popular choice for travelers seeking a home-away-from-home experience.
Originating in the USA, the concept of serviced apartments has witnessed exponential growth, transcending conventional hotel accommodations. These apartments are meticulously crafted to provide guests with a personalized experience, offering amenities akin to those found in residential homes. Unlike traditional hotels, serviced apartments boast private kitchens, spacious living areas, and enhanced privacy, catering to the diverse needs of modern travelers.
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Popularity, growth, statistics
Image Description: Serviced apartment supply & demand Source: GSAIR 2020-22
During the COVID-19 restrictions, while hotels shut or scaled down, serviced apartments remained open to receive guests as people sought the privacy and self-contained experience of extended-stay apartments. Investors are confident of stable returns on investment as serviced apartments have continually reported higher yields, 6.5% in 2018/2019 period compared to hotels with a yield of 3% – 4%. The development pipeline set to exceed 23, 600 by 2022. In 2018, US giant investor Brookfield acquired Okatree Capital Management’s Saco brand with it’s 39 operational units spread over the UK and Amsterdam for £430 million. At the time, Saco had over 900 rooms in development. According to the The Apartment Service’s Global Serviced Apartment Industry Report (GSAIR) 202021, over 700 key players in the sector reported that growth has been year on and occupancy has grown with 43% increase in length of stay. Organizations are spending over 10% of their accommodation costs on serviced apartments.
Benefits of a Serviced Apartment
The steady move towards serviced apartments can be explained by the numerous benefits they present. Guests enjoy the following benefits among others:
- Home-like Comfort: Serviced apartments provide guests with a spacious and fully furnished living space, complete with separate bedrooms, living areas, and kitchens. This homely environment allows guests to relax, work, and entertain just like they would at home.
- Cost-Effectiveness: Compared to traditional hotel accommodation, serviced apartments often offer better value for money, especially for long-term stays. With inclusive utilities, fully equipped kitchens, and laundry facilities, guests can save on dining out and laundry expenses.
- Flexibility: Serviced apartments cater to a variety of needs, whether it’s a short business trip, an extended vacation, or a relocation. Guests have the flexibility to tailor their stay according to their specific requirements, with options for short-term or long-term rentals.
- Privacy and Space: Unlike hotel rooms, which can feel cramped and impersonal, serviced apartments provide ample space and privacy. With separate living and sleeping areas, guests can enjoy privacy while still having room to work, relax, and entertain.
- Convenience: Many serviced apartments offer hotel-like services such as housekeeping, 24-hour security, and concierge services. This blend of hotel services and home comforts provides guests with the best of both worlds, ensuring a hassle-free and enjoyable stay.
- Ideal for Families and Groups: Serviced apartments are particularly well-suited for families and groups traveling together. With multiple bedrooms and communal living areas, guests can enjoy quality time together while still having their own space.
- Extended Stay Options: For guests planning longer stays, serviced apartments offer a cost-effective and comfortable alternative to traditional accommodation. Guests can enjoy the comforts of home while exploring a new city or working on a long-term project.
In summary, serviced apartments provide a convenient, comfortable, and cost-effective accommodation option for travelers seeking a home-away-from-home experience. With their flexibility, privacy, and range of amenities, serviced apartments continue to be a popular choice for discerning travelers around the world.
Serviced Apartment : Architect’s perspective
From an architect’s perspective, serviced apartments present a unique and exciting design challenge. Unlike traditional residential or commercial projects, serviced apartments require careful consideration of both functional and aesthetic elements to create spaces that balance comfort, efficiency, and style.
One of the key considerations for architects is maximizing space utilization while maintaining a sense of openness and comfort. Serviced apartments often cater to travelers who may be staying for extended periods, so it’s essential to design layouts that offer functionality without feeling cramped. This involves thoughtful space planning, efficient use of furniture and storage solutions, and strategic placement of amenities such as kitchens and bathrooms.
Additionally, architects must prioritize flexibility in design to accommodate the diverse needs of guests. This means creating adaptable spaces that can easily transition between work, relaxation, and entertainment. For example, incorporating movable partitions or multifunctional furniture allows guests to customize their living environment according to their preferences and activities.
In terms of aesthetics, architects have the opportunity to imbue serviced apartments with a distinct sense of style and identity. Whether it’s a sleek, modern design or a more cozy and rustic atmosphere, the architectural vision plays a crucial role in shaping the overall guest experience. Attention to detail, material selection, and lighting design all contribute to creating inviting and memorable spaces that resonate with guests.
Furthermore, sustainable design principles are increasingly becoming a priority in the development of serviced apartments. Architects are incorporating energy-efficient systems, green building materials, and passive design strategies to minimize environmental impact and enhance the overall sustainability of the project.
Overall, from space planning to aesthetics to sustainability, the architect’s perspective on serviced apartments is multifaceted and dynamic. By carefully balancing functionality, flexibility, and creativity, architects can create spaces that not only meet the practical needs of guests but also inspire a sense of comfort, relaxation, and belonging.
Co-living & Co-working Spaces
Co-living and co-working spaces represent innovative approaches to urban living and working, designed to meet the evolving needs and lifestyles of modern individuals and professionals. These spaces are characterized by shared amenities, communal areas, and a sense of community, fostering collaboration, networking, and social interaction among residents and coworkers.
In co-living spaces, residents typically have their own private bedrooms or living quarters but share common areas such as kitchens, living rooms, and recreational spaces. This setup promotes a sense of community and belonging, as residents have the opportunity to connect with like-minded individuals, share experiences, and participate in social activities. Co-living spaces often offer a range of amenities and services, such as cleaning, maintenance, and social events, to enhance the living experience and create a supportive environment for residents.
Similarly, co-working spaces provide shared office facilities and resources for independent professionals, freelancers, startups, and small businesses. These spaces offer flexible membership options, allowing individuals to access workspace as needed without the long-term commitment of a traditional office lease. Co-working spaces are designed to promote productivity, creativity, and collaboration, with amenities such as high-speed internet, meeting rooms, and networking events.
One of the key benefits of co-living and co-working spaces is the sense of community and collaboration they foster. By bringing together individuals from diverse backgrounds and industries, these spaces facilitate networking, knowledge sharing, and collaboration, leading to increased creativity, innovation, and professional growth.
Moreover, co-living and co-working spaces offer practical advantages such as cost savings, flexibility, and convenience. Residents and coworkers can enjoy access to premium amenities and services at a fraction of the cost of traditional living or office arrangements. Additionally, the flexible nature of these spaces allows individuals to scale their usage according to their needs, whether it’s renting a private office for a day or joining a community event for networking.
From an architectural perspective, designing co-living and co-working spaces requires careful consideration of layout, functionality, and aesthetics. Architects must create environments that are conducive to both social interaction and individual privacy, with flexible spaces that can adapt to different activities and usage patterns. Attention to detail, material selection, and environmental sustainability are also important factors in creating inviting and sustainable spaces that enhance the overall experience for residents and coworkers.
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The Serviced Apartment Company – SACO
SACO, or The Serviced Apartment Company, is a leading provider of corporate accommodation services with a strong presence in the global hospitality industry. Established in 1997, SACO has earned a reputation for excellence and innovation in delivering high-quality serviced apartments tailored to the needs of business travelers, expatriates, and individuals seeking temporary housing solutions.
With over 80,000 apartments in more than 260 destinations worldwide, SACO offers a diverse portfolio of accommodation options ranging from studio apartments to spacious one-bedroom units, catering to various preferences and requirements. SACO’s properties are strategically located in key business districts, city centers, and residential neighborhoods, providing convenient access to major attractions, transportation hubs, and corporate offices.
SACO is committed to providing exceptional service and guest experiences, with a focus on comfort, convenience, and flexibility. Each apartment is meticulously designed and furnished to the highest standards, featuring modern amenities, stylish interiors, and thoughtful touches to create a welcoming and homely environment for guests.
In addition to its extensive apartment portfolio, SACO offers a range of services and amenities to enhance the guest experience, including housekeeping, 24-hour concierge, and complimentary Wi-Fi. SACO’s dedicated team of hospitality professionals ensures that guests receive personalized attention and assistance throughout their stay, making them feel valued and well taken care of. Some of the amenities and facilities being
- General: Comfort cooling, flat TVs, private WIFI, weekly cleaning and laundry services.
- Kitchen: Tea & coffee, a carafe of water and a dish washing machine are provided.
- Bedroom: An iron, ironing board and under-bed storage. A hair drier and a dressing mirror are also squeezed ingeniously into the design.
- Living Area: Endowed with designer furnishings and a luxurious sofa
- Entertainment: The design provides fitness facilities in communal areas
- Bathroom: A rainfall shower is installed in the underfloor heating bathroom with a heated power rail and a Demister mirror
Whether it’s for short-term business trips, extended stays, or relocations, SACO provides a reliable and cost-effective accommodation solution for corporate travelers and individuals seeking a comfortable and convenient home away from home. With its commitment to excellence and customer satisfaction, SACO continues to be a trusted partner for travelers around the world.
Are you a real estate developer? Can you anticipate the future demand of serviced apartments? The team at Green Arch World consultancy are experts in the design of serviced apartments suited for the contemporary lifestyle. We know how to anticipate the end user’s needs and our designs meet those needs in cost effective ways which bring down the overall budget.
Reach out to us, and together we can ensure your next project becomes the perfect place to live for the modern city dweller and a performing asset for the investors.
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