A mega pool for new projects

London. Demand for serviced apartments is growing faster than new supply in many European markets, as an increasingly mobile workforce drives business travel and relocation activity. Nevertheless, the young segment lacks of standardization.

Bonn. Contrary to hotels, serviced apartments are still a young segment. In the worldwide hospitality industry, the businesses which focus on offers for long-stay guests make up less than two percent of the market. This means: there is still a large potential for growth in this segment. At the same time, however, serviced apartments have to master great challenges: there is no unified name, there are no unified standards – and travellers search for accommodations for extended stays amongst 1000 terms but not under the desired ones. At the 4th "Serviced Apartment Camp" in Bonn last week, there was a glimmer of hope. Five large providers sat at one table for the first time: Accor/Adagio, Adina, Citadines, Derag Livinghotels, and Marriott/Residence Inn discussed common features and differences, figures and emotions in a friendly atmosphere for three hours. The new spirit ended with a promise by the five players to draft a guideline for the segment by next October in order to attract investors.