SERVICED APARTMENTS
with 104 suites plus a residents’ gym, an executive meeting room and a café, is scheduled for the spring.
International growth Global serviced apartment provider The Ascott Limited has announced that it is on track to double its portfolio from 40,000 units to 80,000 units by 2020. During 2016, the company has added more than 10,000 units
across 51 properties, expanding its current portfolio to 52,000 units, of which 90 per cent are located in gateway cities across Asia Pacific and the Middle East. In November, Ascott unveiled its newest brand, Lyf
(pronounced ‘life’), which is designed for, and managed by, Millennials who want to experience locations as the locals do. The company aims to have 10,000 units under the Lyf brand by 2020. Sites in the UK, France, Germany, Australia, Malaysia, Indonesia, Japan, Singapore and Thailand are being considered. In London, Ascott operates nearly 1,000 units across seven
properties. It is targeting 10,000 units in Europe by 2020. Frasers Hospitality is poised to meet its global target of
30,000 units by 2019 (a 30 per cent increase in its portfolio), following a number of openings in 21 new cities, including Tokyo, Penang, Riyadh and Abuja. Oakwood Worldwide is moving forward with plans to triple the number of its branded properties by 2020.
Economic insights There were plenty of experts sharing their knowledge at the ASAP conference in December. BBC financial journalist Sally Bundock shared economic
insights from 2016 and flagged up things that might impact the serviced apartment market in 2017. Describing 2016 as “the most surreal and surprising time” of her career, she gave an overview of how the year had unfolded, from concerns about China, toxic debt and turbulence to low commodity prices and, in particular, the low oil price, which, in November had rallied and spiked as a result of November’s OPEC meeting. The big event of the year was obviously the Brexit vote, which
sent financial markets into a tailspin. Sally Bundock described what it was like to be on the receiving end as part of the BBC’s flagship coverage with David Dimbleby. The next big surprise was the Donald Trump victory. On that
occasion, Ms Bundock had a more relaxed time, working with Jeremy Vine in a virtual-reality studio with special effects. After each of these two huge shocks, it only took a matter of weeks
for markets to recover and edge higher and higher. Actually, Sally Bundock explained, it had turned out to be a good year to invest. This was due to, among other things, the tourism boost, with
people, including stay-at-home Brits, making the most of the UK while exchange rates were favourable. The car industry had had a good year, and the feel was not the same as after the global crisis. Sally Bundock also reflected that 2016 had been the deadliest
year for refugees, with 4,000 of those who fled war and persecution having died in the attempt. Looking ahead to 2017, the Donald Trump presidency would
have an impact on markets. Already, there were overtures regarding the Asia trade deal, and a deal with Europe could be on the way out. However, this could bring opportunities for the serviced apartment sector with the US looking to trade with the UK and the added advantage of good currency rates. The picture regarding emerging markets would require close scrutiny, and political risk was high for 2017, she predicted, with so many elections coming up in Europe.
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Company bosses have made their plans A, B and C, and will
continually revise them. The surge in infrastructure activity in the UK should be good news. Transport projects, including airports, and injections of cash into science and digital are all going ahead. For this nimble sector, change means movement and with a breadth of offering for both business travellers and those working on projects or on short-term assignments, the environment could be good for business. Increased competition from the big hotel brands, likely interest rate rises and the impact of the exchange rate will also colour the picture. Advice sessions throughout the day were geared to preparing
delegates for dealing with the unknown and a potentially choppy path from getting up to speed with digital marketing to the impact of Brexit and a high-level session on brand as a game changer.
Know your audience Keynote speaker Nigel Risner, renowned for his energy and humour, drove challenged delegates to think differently and stand out from the competition. His powerful message – to think about the audience you are
engaging with, whether they are corporate clients or the end-user serviced apartment guest – is relevant to every sector. Simplifying the Myers-Briggs personality types, his references to monkeys, lions, dolphins and elephants made a memorable point about the importance of communicating in the right way. There will be many useful takeaways in Mr Risner’s book, It’s a Zoo Around Here. The future looks bright for this growing sector which will also
be good for companies relocating employees and managing business travel. We explore further in the Spring issue and on the website.
Housing in Brussels made easy
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