STR Global and the Association of Serviced Apartment Providers (ASAP) have provided a summary of Serviced Apartment Performance in the UK for quarter one.
Quarter one data continues to reflect on-going optimism in the sector, as performance pushes towards pre-recession peaks.
ADR and occupancy both up
Serviced apartments in Regional UK have successfully leveraged on resurgent corporate demand with a +10.2% March year-to-date, year-on-year increase in average daily rate, alongside reasonable occupancy growth (+2.7%) to 72.2%.
Conversely, operators in Greater London pushed occupancy to 77.8% over quarter one. Despite rate slipping back by -7.4% based on the previous year, RevPAR grew by an admirable +2.2%.
Edinburgh
Joe Stather, Business Development Manager of STR Global had the following comments regarding the new reporting market of Edinburgh:
‘With the Scottish vote for independence looming, and largest line-up ever announced for the Festival Fringe, Edinburgh is a city set to make waves beyond the Lothians in 2014.
Serviced apartments in the historic city achieved quarter one occupancy levels of 68.5%, up 15.5% on the same period of 2013.
RevPAR, as a result reached an encouraging average of £57.48 GBP for quarter one 2014, leaving many confident that Edinburgh operators will have no trouble capitalising on a packed events calendar, including the Ryder Cup at nearby Gleneagles in September.’
Good start to year, better to come
James Foice, Managing Director of the ASAP commented:
‘We are delighted that, as a result of our new partnership with STR Global, we can for the first time release more in-depth occupancy data to our members.
The performance data for individual key cities as well as for different regions of the UK is invaluable for our members in benchmarking the performance of their own business against the sector overall in a specific geographic area. It is very encouraging to see that 2014 has started extremely well and indications are that the second quarter will deliver even more promising occupancy figures for our sector.’
The Association of Serviced Apartment Providers (ASAP) has a membership of 73 Serviced Apartment Operators and agents right across the UK and Ireland representing in excess of 13,000 apartments www.theasap.org.uk
STR Global are the leading supplier of hotel and serviced apartment performance data worldwide www.strglobal.com
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