Community spirit

The serviced apartment sector continues to innovate and thrive

- HANNAH BRANDLER

13,400 units expected to open in Europe over the next four years

35% will open in 2022

32% will open in 2023

23% will open in 2024

10% will open in 2025

The sizes of the planned projects vary from 32 to 369 units, with an average of 139 units

'Serviced Apartment Sector in Europe, HVS, March 2022

Fifteen years ago, serviced apartments and aparthotels were largely soulless; an inferior choice to hotels because of their bland design, corporate atmosphere and lack of buzzy social spaces. The last decade, however, has seen the emergence of several exciting brands, driven by the rise in remote working lifestyles, demand for flexibility and interest in design and interiors.

Progress from pandemic

The pandemic has accelerated the shift in attitudes towards once deemed boring serviced apartments. For one, the sector fared better than hotels thanks to the self-contained nature of the properties. In a world where contact was deemed dangerous, apartments with kitchenettes and living spaces proved to be a safe and reliable alternative to hotels.

"Serviced apartments weathered the storm better than most," explains Daniel Johansson, director of development and acquisitions at Cheval Collection, adding that the group did not have to close a single property across its Cheval Maison and Cheval Residences brands during lockdowns. Aside from the exemption from restrictions, serviced apartments were a more attractive choice during the pandemic. "If you didn't want to be locked into a 20 sqm room and wanted independence or to stay for a quarantine period, serviced apartments were perfect," he adds.