Radisson Hotel Group seeks to strengthen its extended stay value proposition with additional serviced apartments in the EMEA region.
The group’s expansion plan is to double its serviced apartments portfolio across EMEA within the next five years. They will be developed as an extension of the brand’s portfolio to address different segments from midscale to luxury. Targeted destinations are Paris, Amsterdam, Dubai, Istanbul, Larnaca, Cortina, Cairo and Riyadh, with further openings planned in Germany.
Serviced apartments presently represent about 10% of the group’s portfolio in EMEA. Radisson Hotel Group has been operating its serviced apartments either as standalones or as mixed-uses in combination with more traditional hotel operations. The average operational unit offers studios as well as one and two-bedroom apartments with fully equipped kitchen, en-suite bathroom, 24-hour reception, housekeeping services, social and communal spaces, food & drink options and a range of leisure facilities tailored to its location.
As a matter of fact, serviced apartments are fitting customers’ ever-growing desire of enjoying a residential atmosphere when travelling for leisure or business.
For many years we have explored the strong demand for serviced apartments and extended stay products by recognizing it as an attractive risk-adjusted investment proposition that has considerable growth potential. Given its relevance to the current economic climate, this value proposition has recently been further defined in our portfolio, offering a holistic concept with more opportunities for our investors and more possibilities for our guests. We commit to stay relevant to all our stakeholders.
Elie Younes, Executive Vice President and Chief Development Officer Radisson Hotel Group