You might also like:
A REPORT by JLL Real Views has attributed the thriving of Asia’s serviced apartments to the influx of business travelers into the region.
According to the report, a rising number of companies are sending employees to Asia on short-term secondments to fill skills gaps and save on relocation costs.
In these situations, serviced apartments were favored over hotels because of added amenities such as cooking and cleaning facilities.
“Serviced apartments fill the gap between local residences and hotel rooms by offering flexibility, strategic locations, up-to-date modern conveniences and value-added services to tenants,” says Tasos Kousloglou, who leads JLL’s Hotels & Hospitality Group’s asset management arm in Asia.
A recent study by Global Business Travel Association (GBTA) estimated that there will be over 500 million business trips this year, a figure that is likely to increase next year as the health of the global economy improves and the US presidential election wraps up.
Based on a separate study by GBTA, Asia Pacific has the largest share of the business travel market spend, and is likely to gain an extra five percent share of the market by 2018.
Meanwhile, some serviced apartments are looking to Airbnb to drive bookings. Last year, Bridge Street Hospitality Group made their apartments available on Airbnb for Business, a portal for corporate bookings.
“Many hotels are now hybrid properties as travelers on work assignments are increasingly looking more for home-style living while overseas,” Kousloglou says.
JLL also reports that rising demand has led hotels to install kitchens and convert hotel rooms into serviced apartments.
Source: travelwireasia.com