There are over 56,700 serviced apartments across the UK according to a new study commissioned by The Association of Serviced Apartment Providers (ASAP).
An Independent Review of the Role and Value of Serviced Apartments in the UK, carried out by Bonard and published today, found that the serviced accommodation sector is worth £1.7bn to the UK economy, directly supports 6.050 jobs, and business travellers (45%) are its largest user base.
ASAP CEO James Foice said: “The hotel sector is long-established and understood, flexible living options less so. What ASAP’s first-ever study reveals is that serviced apartments are the preferred option for many FTSE 100 and Fortune 500 businesses, insurance companies and film production crews.”
“We’re currently working with policymakers to ensure the value and contribution our members make to the economy are understood when decisions are being made around changes to regulation and planning. When guests stay in serviced apartments they invest in the local economy, restaurants, gyms, shops and theatres; we must avoid unintended consequences for this professional sector when legislation changes.”
England accounts for 87% of all serviced apartments in the UK, followed by Scotland (9%). At 3% and 1%, respectively, Wales and Northern Ireland are yet to develop a more sizeable supply.
The top 20 cities in the UK represent 81% of all market supply, with London alone amounting to 45%.
Manchester, Liverpool, and Edinburgh follow with a 6.3%, 4.8%, and 4.4% market share, respectively.
Read the full report here.
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