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The serviced apartment sector is set to grow by over 1,276 apartments in the UK and Ireland by the end of this year.
This represents 10% growth on the total stock of 13,000 apartments, according to the Association of Serviced Apartment Providers (ASAP), which also sad that around 70% of the new openings will be in London.
In the capital significant openings include Go Native, which is set to open 135 apartments in Stratford East, and StayCity which has opened 161 apartments in Greenwich.
Meanwhile House of Fisher opened their first dedicated apart-hotel in Reading with 50 apartments in January and Cheval Residences opened 159 apartments at the Tower of London in March followed by Harrington Court with 50 apartments in June.
James Foice, managing director of ASAP, said: “It’s very encouraging to see so many of our members expanding this year proving that the demand for services apartments from both the corporate and leisure sectors continues to grow strongly both in London and in key locations in the UK.
“London operators achieved [a Q1 occupancy rate] of 77.8% with the rest of the UK achieving 72.2%. The expansion is set to continue into 2015 with ASAP members already planning to open over 500 new apartments next year.”
