CAP Worldwide CEO Jo Layton was invited to contribute to an article for BTN Europe examining the performance and success of extended-stay products and the future opportunities for the sector.
Research from hotel data consultancy STR showed an occupancy rate for serviced apartments in London of 56% in February 2021. While this is lower than the same period in 2020, where 65% occupancy was recorded pre-pandemic, this compares favourably with other accommodation options, and the article examines some of the factors behind the relative strength of the sector.
Layton believes much will depend on whether average length of stay by business travellers remains at its new higher level – a distinct possibility for a variety of reasons, including employees being urged to combine shorter trips into longer ones for environmental reasons.
Layton also refers to the difference between extended-stay accommodation and regular hotels being similar to the comparison between meetings and events on the one hand and transient travel on the other. Like meetings and events, she says, longer stays need more care with the booking to choose the right property for employees who will live in them, perhaps for several weeks.
Follow the link below to the full article on BTN Europe:
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