ao link

You are viewing 1 of your 2 articles

To continue reading register for free, or if you’re already a member login

 

Register  Login

UK serviced apartment sector achieves 81.7% occupancy

The UK serviced apartment sector achieved 81.7% occupancy in 2017 with London and Edinburgh the top performers.

 

The Association of Serviced Apartment Providers (ASAP) and STR reported the 0.2% increase on 2016's occupancy rates. The average daily rate (ADR) of a serviced apartment rose by 5.4% to £148.48.

 

London accounted for much of the sector's growth, posting a 2.2% increase in occupancy to 83.8% with the ADR in the capital hitting £198.74, a 9.8% increase on 2016.

 

Across the rest of the UK occupancy fell by 1.7% to 79.7% with rates seeing a modest 1% rise.

 

Edinburgh recorded a 0.4% growth in occupancy to 84.4% and a 7.3% increase in ADR to £119.21.

 

James Foice, chief executive of the ASAP, said: "It's really fantastic to see our serviced apartment sector continuing to perform very strongly in 2017 in spite of the economic uncertainty and the significant increase in supply, which proves that the consumer demand for this alternative way to stay continues to grow at a very impressive rate, year on year.

 

"We are very excited about the many new developments opening right across the UK in 2018, which includes properties in Southampton, Manchester, Edinburgh, Glasgow, London and Brighton, reflecting the undaunted confidence in our sector as operators continue to accelerate their expansion plans."

 

London leading boom in serviced apartments>>

 

Serviced apartment operators celebrate at 2017 ASAP awards>>

 

Videos from The Caterer archives

 

 

Are you looking for a new role? See all the current hospitality vacancies available with The Caterer Jobs

Social Media Summit 2024

Social Media Summit 2024

Hotel Cateys

Hotel Cateys

Best Places to Work in Hospitality 2025

Best Places to Work in Hospitality 2025

Queen's Awards for Enterprise

Jacobs Media is honoured to be the recipient of the 2020 Queen's Award for Enterprise.

The highest official awards for UK businesses since being established by royal warrant in 1965. Read more.

Jacobs Media

Jacobs Media is a company registered in England and Wales, company number 08713328. 3rd Floor, 52 Grosvenor Gardens, London SW1W 0AU.
© 2024 Jacobs Media