ASAP confident of serviced apartment growth

ASAP membership increased by 20 per cent in the last quarter of 2014, with both multinational businesses and smaller independents joining the association.

ASAP managing director James Foice said the membership growth was reflective of the rapid expansion of serviced apartments in the UK.

 “To date we know of nearly 850 new apartments being opened during this year, a six per cent increase on the current stock, but we expect that figure to rise substantially,” said ASAP managing director James Foice.

He added that ASAP members continue to enjoy strong demand, with average London occupancy up 2.1 per cent to 84.5 per cent and occupancy for the rest of the UK reaching 81.98 per cent last year.

SACO growth​

Meanwhile, the Serviced Apartment Company (SACO), a member of ASAP and part of the association’s Quality Assurance programme, has reported 21 per cent year-on-year revenue growth for 2014.

The company said consumer bookings increased by 260 per cent during the 2014 financial year, while corporate bookings rose 15 per cent. Online reservations helped drive growth, rising 41 per cent year-on-year.

Ben Harper, Sales Director, SACO, said: “The popularity of serviced apartments continues to grow, and today’s savvy business travellers are embracing the flexibility and freedom that come with having a whole apartment to live in – without sacrificing the reliability of a globally-recognised brand.

“However, the important thing from a long term perspective is that when people trial a serviced apartment, we’re exceeding expectations. Our satisfaction levels are up 3 per cent on last year, with 94 per cent of visitors rating their stay as excellent or above. It is this consistency and quality that is driving repeat bookings and establishing SACO as a major player in global hospitality.”

SACO increased its London portfolio by 25 per cent last year, with its total UK portfolio growing by 13 per cent.