a single brand even, where they have maximum flexibility.”
Country research analyst for
Euromonitor International, Miles Agbanrin, gives an interesting insight into the future: “You might have a property with a fully extended-stay room all the way up to a room that is traditional four- star accommodation, and the operator can modify the services guests get access to, to find a cost-effective way to make that work in a single property, under
And he predicts a proliferation of partnerships between serviced apartment operators and third-party providers. Silverdoor, for example, is examining the options, including expense management, traveller tracking, transportation and luggage delivery. Similarly, Select Apartments has already joined forces with Office Space in Town (OSIT) to give guests free access to three of OSIT’s six London serviced offices. For Marlin guests, in-room treatments such as massage are available from Milk Beauty, as are discounted rates at Soho Gyms and local restaurants. From September, they can use a smartphone from Tink Labs, a Hong Kong-based technology company, to enjoy free UK and international phone calls to ten countries, plus unlimited internet access. Meanwhile, Ascott has partnered with Samsung Asia to develop Internet of Things-ready smart solutions for guests, who will be able to use their mobiles to control washing machines, fridges and smart TVs in apartments.
CONSOLIDATION
The major global players in the sector have widely varying business models – operators, agents, hybrids, B2B focus, B2C focus – giving considerable potential for consolidation. Max Thorne, hospitality managing director at real estate investment firm JLL, says: “When you have a matrix of operators that is focused on different segments, you can start looking at opportunities for them to collaborate with those who have skillsets in other areas of the market, to extend the business mix and operating models, and create efficiencies. Put them together and you have got a very significant machine.” Thorne sees Silverdoor’s recent £2.25 million acquisition of Citybase as a sign of things to come. “If you are doubling or tripling the size of the business you have got more significant market share, lower operating costs and greater efficiencies,” he says. “EBITDA [earnings before interest, tax, depreciation and amortisation] grows and your appeal to investors should follow.” Part of Silverdoor’s long-term growth plan included the option of expansion through acquisition. “Citybase was always at the top of the list – it was Silverdoor’s biggest direct competitor for the best part of ten years,” says
My business, my projects, in the heart of the city.
Citadines Apart’hotel offers a unique stay concept in the heart of major cities supported with a wide choice of personalised hotel-style services.
Staying with Citadines offers you flexibility and independence. Want to cook your favourite meal? Stay for a night? A month? It’s your choice. Experience independent city living in 38 properties in Europe, including 5 in London and 14 in Paris.
www.citadines.com 0 800 376 38 98
Citadines Apart’hotel is managed by The Ascott Limited, a member of CapitaLand. It is the largest international serviced residence owner-operator with more than 290 properties in over 100 cities across the Americas, Asia Pacific, Europe and the Gulf region. It operates three award-winning brands Ascott, Citadines and Somerset.
BUYINGBUSINESSTRAVEL.COM
BBT September/October 2016
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