UK: Association of Serviced Apartment Providers member companies are on course to open around 1300 new units this year.
The new units represent represents a 10 per cent growth in
the current UK and Ireland total stock of 13,000 apartments.
The majority - 70 per cent - of the new openings will be in London, and includes:
• Go Native - which has already opened 41 apartments in March at Monument will open 135 apartments in Stratford East next month and a further 11 opening at America Square in December.
• Cheval Residences opened 159 apartments at Cheval Three Quays in March followed by Harrington Court with 50 apartments in June
• StayCity has opened 161 apartments in Greenwich;
• City Marque is increasing its portfolio in London by 150 apartments in 2014
Elsewhere in the UK, House of Fisher opened its first dedicated apart-hotel in Reading with 50 apartments in January; ESA is opening 83 apartments in destinations such as Woking and Guildford; and Apple Apartments opened 35 apartments in Belfast last week to add to its properties in London and Aberdeen.
James Foice, managing director of ASAP, said: "It's very encouraging to see so many of our members expanding this year proving that the demand for serviced apartments from both the corporate and leisure sectors continues to grow strongly both in London and in key locations in the rest of the UK. London operators achieved quarter one occupancy of 77.8 per cent with the rest of the UK achieving 72.2 per cent. The expansion is set to continue into 2015 with ASAP members already planning to open over 500 new apartments next year."