Serviced Apartment Sector Anticipating Substantial Growth

The first Serviced Apartment Summit brought together industry leaders from Europe, the US and the Middle East to discuss the sector’s achievements so far and the potential for further growth.

Held in London, more than 200 delegates took part in debates and interview panels. Topics up for debate included the role of social media and importance of mobile websites. 2010media’s David Taylor highlighted the need for a cohesive online brand strategy and reported that the majority of Tweets now come from mobile devices.

HVS London’s Arlett Oechmichen revealed that smaller units were proving popular with guests and facilitating higher profit margins, despite the lower prices commanded by these units.

The mood was optimistic and forward looking. BridgeStreet Worldwide CEO Sean Worker predicted a $10 billion to $15 billion opportunity for future growth worldwide. Event organiser Piers Brown noted the enthusiasm within the sector and said that he expected future summits to be even bigger and better.