A Home For The Modern Nomad: Extended Stay Hotels | HVS Reports
As extended stay hotels gain in popularity across Europe – a few pioneer properties are nearing completion or are already in operation – guests, developers and operators are excited about the prospects for this new class of hotel. HVS analyses the supply and demand patterns that govern the serviced apartment sector in Europe and ultimately answers the question: extended stay – where are the opportunities?
In the past few years, the extended stay concept has continued its rapid growth in the USA; it is now a well-established model. Of equal appeal to developers, owners and operators, the extended stay product is still in high demand when it comes to the number of planned projects in the USA.
The introduction in Europe of some popular US extended stay brands seems therefore to be a natural development. HVS’s London office has been involved in the introduction and development of serviced apartment operations for several years in many European markets and the UK in particular. Under the headings that follow, this article highlights the opportunities for and the challenges facing the extended stay product.