serviced apartment
Marriott Signs With Steamships Trading Company for Marriott Executive Apartments Port Moresby in Papua New Guinea
Marriott International, Inc. | September 8, 2022
Marriott International, Inc. today announced it has signed an agreement with Steamships Trading Company Ltd., to debut its first property in Papua New Guinea, the Marriott Executive Apartments Port Moresby. Slated to open in mid-2023, the property is set to be located in the heart of Port Moresby within the mixed-use development of Harbourside South. Mr. Geoff Cundle, Chairman of Steamships, said, “I’m delighted that Steamships will work with Marriott International at Harbourside South. Located in the CBD district of downtown Port Moresby, and overlooking the Coral Sea and Fairfax Harbour, this is set to be a flagship development for S...
Serviced Apartment Operators Prove More Resilient in Pandemic, Says HVS Report
HVS | November 10, 2020
10 November 2020, London: Trading across Europe’s serviced apartments has proved more resilient during the pandemic than other parts of hospitality despite an obvious decline in performance, according to a new report on the sector published today by global hotel consultancy HVS. A survey of leading operators, investors and lenders conducted for the annual report reveals that the majority of operators have seen top line performance decline by 25-50% this year, compared with 2019, while a third of operators report declines of up to 75%. These figures suggest those operations are still largely profitable, albeit with reduced margins, wi...
The Serviced Apartment Sector in Europe: Poised to Outperform
Simon Hulten | July 3, 2019
By Simon Hulten and Sophie Perret During the last 12 months, the serviced apartment sector in Europe continued to see strong momentum in both demand and supply. This year’s report looks at the recent trends, discusses our analysis of the 2019 lenders survey results and recent transaction evidence and provides an outlook in terms of pipeline. Year in Review The sector continues to innovate, with exciting new brands being introduced and traditional brands being reinvented. Alternative concepts such as co-living, co-working, student accommodation and home-sharing are merging with the serviced apartment concept, creating hybrids as a resp...
