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her company has begun to tier its properties, creating a grading that allows clients to better match their needs with the product, much like a travel manager would choose between a three, four or five-star hotel depending on who they were booking for. She explains, “We wanted to
let people know what to expect before they got there so now we have three tiers: Residences, the five-star product; Serviced Apartments, the four-star product; and three-star Executive Suites. “We have set up the pricing accordingly. This makes it more defined, like the hotel industry, and our corporate clients really like it. When travel managers are buying at contract stage, they can ask for 90 per cent four-star product and so on. If they have a graduate traveller coming for an interview, they can place them in the Executive Suite product. If the CEO is visiting somewhere, they can book the Residence,” says Layton. Ascott’s Citadines brand has also been busy
product. It launched its mid to upmarket Modena brand in Asia just over a year ago as distinct from its other brands which are firmly five-star. Says Frasers’ Bakker, “We’ll be rolling
“A lot of people have come into the serviced apartment sector from the hotel world and they are bringing their own thinking to proceedings”
the Modena brand out across Europe. It’s a response to people wanting more choice over how much money they spend.” Bakker has also seen the
trend for hotel companies edging into the serviced apartment sector and influencing the model. He explains: “A lot of
hotel companies are now looking at the serviced apartment sector. At the most recent International Hotel Investment Forum there was a session on serviced apartments and you can clearly see interest
in this area. It recently rolled out its new Prestige label which indicates upper end city centre location apartments with personalised services. By the end of 2011, there will be six Citadines Prestige residences, three in London and three in Paris. The provider has also launched its Club Apartment brand in response to demand from frequent travellers looking for more space and peace and quiet. Its apartments are usually on upper floors and have the best views. Frasers has also been focusing on grading its
from that sector building.” Everyone agrees that there is growing demand for it and the hotel groups want a share of the market. They don’t want to lose out on a market segment that is emerging. SACO sales director Jo Redman thinks some serviced apartments are becoming more like hotels simply because that is what many clients want. She says, “In some aspects, the sector is emulating the hotel industry in that more apartment hotels are springing up. “From the guests’ point of view, they have the familiarity of a hotel with reception and
Pictured above: Ascott's Citadines Holborn property; Right: Cheval Residences' Phoenix House
Feature: Serviced Apartments
check-in services, but the benefits of space and their own apartment. More of that type of model is springing up as many corporates are asking for this – the bar and restaurant downstairs but the space upstairs.” So are travel bookers beginning to enjoy the expedience of hotel booking? After all, it’s no secret that booking an apartment has always been a little more complex than a hotel room. These days it’s not uncommon for a travel manager to enjoy last room availability weaved into their corporate deals with serviced apartments – borrowed straight from the hotel booking tool box. SACO, Frasers and BridgeStreet all offer this
to clients. Says BridgeStreet’s Layton, “We have corporates that do have LRA with us. If we can’t help them with a specific property of ours, we will find a partner property, so long as
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