Introduction
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Safe
HAVEN
The serviced apartments sector has been quick to respond to the new business travel environment Cheval Old Town Chambers
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erviced apartments have fared better than most in the hospitality sector amid the ravages of the pandemic. In the new travel environment, business travel buyers are recognising the benefits of living in safe, private spaces compared with traditional hotel rooms. “Serviced apartments provide space where you don’t have to leave the room for housekeeping and where you have total control over what – and indeed whom – you bring in,” says James Foice, Chief Executive Officer of the Association of Serviced Apartment Providers. According to a report published in November by hospitality industry consultants HVS, serviced apartment operators have been able to weather the storm better than their hotel counterparts, largely due to their ability to adapt quickly. More than half of companies surveyed by HVS said at least three quarters of their
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properties remained open during lockdown. Many had made a swift move from corporate demand to housing key workers, government employees and those selfisolating during lockdown. More recently, serviced apartments have transformed their spaces to meet the demands of the new working environment, providing those working remotely with a safe and productive place to base themselves. Of course, the sector hasn’t gone completely unscathed. The HVS report analysed around 7,800 serviced apartment rooms across Europe and found a 48% decline in occupancy for the first nine months of 2020, along with a fall in average rates of around 12%, causing RevPAR performance to decline by 54% in the year to September 2020 compared to the same period in 2019. But things are looking up. “Outside the lockdowns across our European estate, we are seeing our occupancies starting to rise
and there is clearly a pent-up demand for travel, particularly domestically. As it stands, our properties in all 12 locations are trading,” says Paula Mullaney, Commercial Director for Staycity. George Westwell, Cheval Collection CEO, also remains upbeat: “Cheval traded continuously in 2020, maintaining average occupancies of more than 60%," he says.
Rapid response
To support the industry as the first wave of Covid-19 took hold, the ASAP set up a resources page where latest information and guidance from governments and travel trade bodies worldwide was posted. The association also sent out daily updates and “kept the community optimistic about some kind of future post-pandemic”, says Foice. It also launched the ISAAP Promise of rigorous hygiene standards, which covers what to expect before guests arrive, explaining the pre-stay disinfection and
2021 GUIDE TO SERVICED APARTMENTS
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