Its serviced apartments currently represent around 10% of the group’s EMEA portfolio, with 45 properties and more than 5,400 units in operation and under development.
The group operates its serviced apartments as either a stand-alone or a mixed-use development in combination with a traditional hotel operation.
Looking ahead, serviced apartments will be developed as a brand extension of the existing Radisson Hotel Group’s brand portfolio to “cater to the different segments from midscale to luxury”.
The expansion plan will offer studios as well as one-bedroom and two-bedroom apartments with a fully equipped kitchen, en-suite bathroom, 24-hour reception, housekeeping services, social and communal spaces, food and drink options and a range of leisure facilities.
Elie Younes, executive vice president and chief development officer at Radisson Hotel Group said: “For many years we have explored the strong demand for serviced apartments and extended stay products by recognizing it as an attractive risk-adjusted investment proposition that has considerable growth potential.
“Given its relevance to the current economic climate, this value proposition has recently been further defined in our portfolio, offering a holistic concept with more opportunities for our investors and more possibilities for our guests. We commit to stay relevant to all our stakeholders.”