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 3

Global Serviced Apartment Industry Report

EMEA 2023

in association with:
Oasis & Oasis Collections, Skyside International, Forenom, Roomspace, res:harmonics,
Staycity Aparthotels, Wilde Aparthotels by Staycity, Charles Hope, Appart’City and SilverDoor

Published by Ariosi
www.ariosi.com

Supported by Travel Intelligence Network

www.the-tin.com

Designed by EXP
www.expconsultancy.com

Disclaimer
Whilst every effort has been made to ensure accuracy, neither Ariosi nor Travel Intelligence Network
can be held responsible for any errors or omissions.

Confidentiality notice
Copyright © 2023 by Ariosi (the Company). All rights reserved. This document or any portion
thereof may not be reproduced or used in any manner whatsoever without the express written
permission of the Company. The information contained within is strictly confidential and/or
protected by law. If you are not the intended recipient of this document you must not make any use
of this information, copy, store, disclose or show it to any unauthorised person.

Report Methodology
GSAIR EMEA 2023 has been responsibly compiled by undertaking extensive research using
primary sources including conducting interviews and curating and collecting self-written pieces
from contributors both in and closely aligned to the serviced apartment sector. For this edition we
have focussed on primary sources, with secondary sources kept to a minimum. Where secondary
sources are used, information sources are fully attributed.
 GSAIR 2023: EMEA
4

Contents

Welcome and Introduction Page 05

Editorial team Page 06

Acknowledgments Page 07

Sustainability

It’s all about capital Page 08

Opening the door at room2 Page 10

Traveller preferences with Gavin Pereira Page 12

Key destinations and rates in EMEA Page 14

Alternative Models Page 18

EMEA Supply Page 20

Licensing and compliance Page 22

Hospitality tech with Sally Richards Page 26

Glossary of terms Page 28

 5

Welcome
Welcome to the first regional
publication in the new look GSAIR!

By Sacha Sandhar
Head of Insights, Ariosi

We’re excited to bring GSAIR EMEA to you at a time in the industry’s evolution when
the region shows so many incredibly positive future indicators – piqued investor
appetite, transformative technological advancement, growing buyer understanding
and one of the strongest post-pandemic recovery arcs in hospitality.

The tenth edition of GSAIR, launched at the Charlotte Street Hotel on 22nd June
2023, highlighted the continuing importance of the EMEA market in the global
serviced apartment industry. London remains a key destination for the business
traveller with Dublin, Paris and Dubai being the next 3 most cited by corporates as
being amongst their top 5 destinations.1

In this publication we explore further how the findings from the global survey
are reflected locally in the experiences of respected industry partners. In the
publication’s feature article, Ufi Ibrahim shares how hospitality should gear up for
the transition to a more sustainable future. We also hear from Stuart Godwin how
room2 are incorporating sustainability into all their properties.

We learn about the key destinations for business travel across Africa from René
Stegmann. Wesley Shelling shares his experience of the market in mainland
Europe and Martin Kubler describes the landscape across the Middle East. Supply
challenges experienced in Africa are explained by Trevor Ward and he signposts
a future outlook which gives reason for optimism and Samuel Toribio gives the
lowdown on supply in Europe.

Deborah Heather outlines the current state of play in relation to the proposed
introduction of serviced accommodation licensing across the UK and Sally
Richards shares her vision for the future of hospitality tech and answers the
question...what is middleware?!

We hope you enjoy reading about all the above and much more besides
in GSAIR EMEA!

1. Global Serviced Apartment Industry Report 2023

 GSAIR 2023: EMEA
6

Editorial team

Sacha Sandhar
Head of Insights
Ariosi

A qualified accountant, Sacha joined SilverDoor in 2019 in Quality Assurance,

within the Partner Relationships department, after several years of working in
finance across a number of different commercial analysis roles. He then became
International Expansion Manager before progressing to Head of Insights upon
the inception of Ariosi Group Limited. Sacha travels extensively for both business
and leisure. He speaks fluent German, Punjabi, Hindi, Urdu, and Spanish.

Mark Harris
Supporting Editor

Mark joined the business travel industry in 1990, has been a Director of
Travel Intelligence Network since 2005 and originated GSAIR. He was
voted the business travel industry’s Personality of the Year in 2006 and has
notched up four Business Travel Journalism Awards. TIN’s output includes
over a million words in reports, white papers and blogs, co-creation of the
Serviced Apartment Awards and hosting many others. After lunch, he is
chairman of the PitchingIn Northern Premier League and an FA councillor.
 7

Acknowledgments
We would like to thank the GSAIR EMEA contributors for their time and invaluable support! They are:

Jermaine Browne Stuart Godwin Juha Hämäläinen

Co-founder Director Senior Project Manager
re:shape living and ARK Co-living Lamington Group Forenom

Deborah Heather Mark Houston Ufi Ibrahim

Chief Executive Officer Chief Operating Officer Chief Executive Officer
Quality International Assessment Services Charles Hope Living Energy and Environment Alliance

Adam Kane-Smith Martin Kubler Stephen Martin

Finance Manager Fellow of the Institute of Director & Chief Executive Officer
myresidence.africa Hospitality ISAAP

Kurtis Murphy Ozge Ozturk Gavin Pereira

Head Partner Account Manager Area Director of Sales, UAE Director
SilverDoor Rotana Check-in-London

Sally Richards Wesley Shelling René Stegmann

Managing Director Group Head of Operations Managing Shareholder
RaspberrySky Services SilverDoor myresidence.africa

Ulrike Tognon Samuel Toribio Trevor Ward

Sales & Business Development Manager Head of Europe Owner
ARIV Coliving Homelike W Hospitality Group
 GSAIR 2023: EMEA
8

It’s all about capital

GSAIR 2023 highlighted the ever-increasing

importance of sustainable accommodation options
to agents and corporates with 64% of agents saying
it is important to their clients.2 What does this mean
for the hospitality industry and how can we be
ready? Ufi Ibrahim explains…

New regulation will transform prospects regulate business practices worldwide. Given this
of attracting capital proven track record of success, it should come as
no surprise that almost 100 years later, regulators
are adopting the same principles to tackle growing
concerns over misinformation and greenwashing.
By Ufi Ibrahim
CEO Energy & Environment Alliance New sustainability and climate disclosure requirements
were launched in June at the London Stock Exchange.
When it comes to sustainability, most businesses in These new rules, governed by the International
the hospitality and lodging sector have been focused Financial Reporting Standards (IFRS) and International
on energy related regulation, such as the UK minimum Sustainability Standards Board (ISSB), aim to
energy efficiency standards and energy performance consolidate and rationalise sustainability reporting
certificates. The reason is that a failure to meet globally. They were drafted in conjunction with world
the required standards could result in a ban on the securities regulators from 130 countries, all of whom
commercial use of a building. are expected to mandate them in their jurisdictions over
the coming months. The US (SEC), Singapore, Hong
Coupled with the huge spike in energy costs, such Kong, the United Kingdom, Australia, South Africa and
regulation has encouraged improvements in energy Japan have already done so; and the EU has confirmed
efficiency and thereby, the operational carbon interoperability between the IFRS/ISSB and European
performance of many hotels and serviced apartments. reporting requirements. They will take effect in the
2024 financial year.
Improvements in energy use have largely been
achieved through behavioural change and low capital So, financial reports in 2025 will be very different to
expenditure, such as switching to more efficient the audited accounts of the past. First, annual reports
light bulbs. However, achieving more substantial will include non-financial, as well as financial risks and
improvements will require substantial capital prospects. Just as financial information is audited,
expenditure; and that’s a challenge, given high interest non-financial information will have to be assured by
rates and the sums required. independent auditors. The non-financial information,
which, at the outset, covers general sustainability and
However, the pressure to invest in transformational climate-related material disclosure, will have to be
change is about to increase, starting with new, conveyed using a common language, allowing investors
mandatory climate disclosure requirements, which are to compare performance across any given sector
expected to have a sobering effect on global financial or market.
markets, akin to rules initiated following the stock
market crash of 1929. Back then, regulators grappling
with ways to avoid another great depression granted
powers to the Securities and Exchange Commission
(SEC), which was licenced to regulate business
practices. This led to the creation of globally accepted
accounting and auditing principles which, even today

2. Global Serviced Apartment Industry Report 2023

 9

Furthermore, sustainability and climate disclosures will need to re-engineer the way we design, construct,
must be connected to financial reports, detailing the refurbish and operate our buildings. We will need
projected impact on cash flows, capital expenditure, new controls and, processes, including board level
profits and losses. Investors and financial markets oversight, applying the same level of rigour to non-
will use this information to assess asset values. The financial information as we apply to formal financial
provision of capital, be it equity or debt, will soon rely statements.
on climate and sustainability disclosures as much as
on financial statements. As with the introduction of With more than 600 green certification programmes,
globally accepted accounting principles, IFRS/ISSB the majority of which are based on self-reporting,
sustainability standards will very quickly trickle down to investors are at a loss when it comes to the reliability
businesses of all sizes. of information and comparability of operational, asset
or portfolio performance.
So, what does all this mean for the lodging industry?
It means that sustainability must be embedded That is why we established the Energy & Environment
throughout the entire business, with responsibility Alliance (EEA); to unite hospitality and lodging industry
shared by all the functions and executives in the leaders and to advocate a standardised approach.
organisation including the CEO, Chief Financial Officer, In doing so, we aim to prioritise initiatives that are
Risk and Compliance Officer, HR, the investment scientifically robust and commercially sustainable and
committee, and the board. discourage those that are not.3

This is the start of a challenging period of

transformation for our industry. It’s a period in which we

3. Over the past few months, we have worked in partnership with Kings College London to launch the first ESG Executive Education programme
specifically for hospitality industry leaders. It will cover all the upcoming new regulation and much more besides, including the implications for
attracting capital. So, if you are responsible for managing or investing in hospitality, and you want to be thoroughly briefed, please sign up.

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 GSAIR 2023: EMEA
10

Opening the door

at room2

Quickfire Q&A with Stuart Godwin

Have Lamington calculated their scope 1, 2 How do you vet your supplier sustainability
and 3 emissions? and ESG credentials?
We wouldn’t be doing a very good job if we hadn’t! The We have a supplier checklist including 5 different
answer is Yes since 2019. standards. For example, we looked at purchase to pay
systems recently. There was one which uses teams in
What’s a hometel? India to outsource invoicing and because of concerns
over welfare, we didn’t proceed to engage them.
Product offerings in the aparthotel category vary
greatly. We created the hometel category to set a new
Bottom line: if they’ve got no ambitions or road map
product standard based on what we expect to see, so
towards an improved sustainability positioning, we just
that it meets our customers’ needs. It’s a place where
won’t look at them. Shortly, we’ll be consolidating our
our guests can be the best versions of themselves.
entire supply chain to only suppliers who share similar
visions.
What is the most sustainable feature of a
room2 property? Top tip to easily implement something
There’s no one thing where you can say, “I’ve done that. sustainable in a serviced apartment
That’s solved.” offering?
Well what’s the low hanging fruit? Recycling. We have
It’s many things. Taking out dishwashers from our build
them at home, so why not in apartments? The answer
specs gave a 1% energy saving. Solar on the roofs
is: because it’s easier to just chuck rubbish out. So the
provides around 5% of our energy needs. In-room light
first tip is be prepared to do more work and also that it
and movement sensors mean we don’t have key cards
will cost more, then hope that at some point someone
to switch off appliances when someone leaves, again
will be willing to pay a little bit more for it.
reducing consumption.
Other than that:
Water restrictions to reduce water consumption and
• Fitting LED lights is pretty easy.
critically hot water consumption. This offers a further
• Use water restrictors.
energy saving.
• Align to renewable energy supplies generated from
green sources.
Sustainability’s a culture built through our team. We
keep chipping away.
Are all room2s build projects or
Are there any new sustainability initiatives refurbishments?
coming at room2? Southampton was a refurb. It was an office building
which was converted.
We’re putting a lot of emphasis on third party
accreditation. Without it we are marking our own
Chiswick was a new build. Belfast and York are new,
homework. In today’s world it’s a massive risk to say
and Manchester will be a mix of new build and an old
one thing and not be it. When we launched, there
building.
wasn’t a clear framework of net zero accreditation.
But fast forward 2 years, and our industry now has
specific targets. We’re always in pursuit of progress and Lamington openings over the next
driving our industry forward. In Belfast we are aligning 12 months?
to the WELL accreditation which is more commonly Room2 Belfast opening in October 2023 will be 175
seen in offices but it’s about enhancing wellbeing in keys with meeting and event spaces, gym, laundry, all
environments. So we’re excited to align with that. day café & bar, coworking, tea shop and concession
space supporting local suppliers.
11
 GSAIR 2023: EMEA
12

Traveller preferences

The top 4 preferences of the corporate traveller

are connectivity, in-apartment cooking facilities,
a designated workspace and in-house services
according to the GSAIR survey.4 Gavin Pereira,
founder of Check-In-London, a London based
serviced apartment agency shares what he is seeing
in terms of emerging traveller needs.

In conversation with Gavin Pereira

How cost conscious are serviced Designated workspaces and internet

apartment customers? speed
Business travellers, project workers, groups, and As of 2023, corporate customers are no longer
longer leisure stays (3-6 weeks in prime locations) are requesting designated workspaces because their trip
returning to pre-pandemic booking habits by allowing purpose is to meet with clients or colleagues at an
time to research all accommodation options to match office or project site. Instead, they expect reliable, high
their organisational and personal needs. speed internet suitable for when they choose to work
from the apartment, together with a decent work desk
Corporates are balancing travellers’ preferences in separate to the dining table when space permits.
terms of location, service, space, and amenities,
against procurement objectives around ESG and duty of This is where professionally managed serviced
care. Although price is usually a priority at the planning apartments triumph over other categories of
phase, service, reviews, accreditations, and overall accommodation due to greater floorspace in each unit
value are ultimately the deciding factors. and a more consistent quality of amenities.

Despite an overall increase in supply in tier 2 and tier 3 Top level executives might request a separate bedroom
locations across cities like London, some locations still or room to be used as an office.
carry a premium. However, when location is flexible –
as with intern placement groups or short term project Although corporates are not specifying a specific
workers – travel time becomes more important. The internet speed, some agents like us ask operators to
London Underground’s Elizabeth Line means people disclose the internet speed available in their apartments
can travel from Canary Wharf to Tottenham Court Road so that customers have a point of reference. This
in under 11 minutes.5 usually averages about 150 mbps7 in London region,
although some have connections of up to 500 mbps
After location, floorspace is the next most important to enable guests to receive calls online without any
criteria, especially for travellers on extended stays in interruptions.
cities like London. One bedroom apartments are most
requested for travellers staying 28 nights or longer, Traveller wellbeing
although senior executives request additional bedrooms
to accommodate family visiting during the weekends or The increased awareness around wellbeing and mental
holidays.6 health brought about by the pandemic has evolved
further. Customers now want to find out more about

4. Global Serviced Apartment Industry Report 2023

5. TFL.gov.uk
6. Check-in-London reviewed 200 bookings between June 2022-July 2023 for stays over 28 nights. 58% booked 1 Bedroom Apartments
vs 21.5% choosing to book Studios.
7. Megabits per second
 13

the local area and experiences on offer, like being

near parks so they can go for a walk or run. Close
proximity to entertainment venues, popular cafes and
supermarkets puts travellers at ease.

Corporate buyers increasingly select or prefer

apartments with a 24 hrs reception or an on-location
guest services team and this allows the traveller to
have some form of onsite human interaction while they
settle into a new location.
“Professionally
managed serviced
Emerging traveller preferences apartments triumph
Requests for pet-friendly apartments rose by 20%
during the pandemic. However, due to the cost
over other categories of
of living crisis and the return to office, these have accommodation due to
slowed down, although pets still remain popular with
relocation stays.
greater floorspace in each
unit and a more consistent
Corporate customers now want a seamless digital
booking experience, backed by the human touch quality of amenities.”
of specialist consultants to help them navigate the
planning, selection, and pre-stay phases.

This is because of the overwhelming amount of

information available online and the time required to
make sense of the myriad of options, and because
customers can benefit from the on-demand
experience with lower rates and time saved.
 GSAIR 2023: EMEA
14

Key destinations
and rates

The 2023 GSAIR survey shows that serviced apartment usage in on the rise
once again, whether for business travel (up 53%) or assignment working
(up 38%) year-on-year.8 So, where are they travelling to, and why? Wesley
Shelling, Martin Kubler and René Stegmann share their insights…

Europe Middle East

By Wesley Shelling By Martin Kubler

A combination of pent-up demand and emergency In the wake of Covid, Middle Eastern markets faced a
travel saw average rates reach an all-time high in 2022 slow recovery initially. However, an increase in demand
for most Eurozone destinations. driven by the war in Ukraine bolstered the industry,
benefiting Gulf states, particularly the UAE and Bahrain.
However, since the turn of the new year, that additional Saudi Arabia, with its ongoing touristic and economic
demand has tailed off, with key business travel opening and numerous mega projects, saw a rise in
destinations across Germany, Spain, Ireland, France, serviced apartment supply and usage.
and The Netherlands all seeing occupancy levels return
to what would be considered normal - not a word to be While European and US markets experienced economic
used often in recent years! challenges and high inflation, key Middle Eastern
markets like Jeddah, Jordan, and Qatar saw healthy
Working in tandem with this, average rates were down gross operating increases in the first half of 2023. The
11% for the first quarter of 2023 and fell again by a construction pipeline also exhibited promising growth of
further 3% during the second quarter. Good news around 8% in projects and 6% in rooms year-over-year.9
for the many client segments who have expressed
increased sensitivity around managing cost as part of The outlook for the serviced apartments industry in
their renewed travel policies. Latest trends suggest the Middle East remains positive due to three principal
rates will stabilise through Q3 with some seasonal factors.
fluctuation around tourist hotspots.
First, an expanding business landscape. The region’s
Whilst relocations into these destinations have been status as a global business hub attracts expatriates
pared back in the second quarter, we’ve seen a steady and corporate travellers, with Gulf powers like the UAE
uptick in business travel from corporate clients booking and Saudi Arabia effectively mitigating inflationary
directly with us, as well as clients arranging their travel pressures through economic strategies.
through a TMC.
Second is tourism growth. Successful efforts to
We’re seeing the highest demand for business travel diversify economies and promote tourism led to an
in cities such as Dublin and Amsterdam, particularly upsurge in leisure travellers, aided by a decline in the
within the financial and professional services sectors, competitiveness of Airbnb.
something we expect to continue into 2024.

8. Global Serviced Apartment Industry Report 2023

9. LE: Middle East construction pipeline grows 8% - hotelbusiness.com
 GSAIR 2023: EMEA
16

Third is the growth in flexible visa options. The GDP.11 Africa’s banking assets are comparable to that of
Introduction of golden visa options in many Middle European nations’ such as Russia.
Eastern countries enables longer stays for visitors
and attracts professionals likely to favour serviced Mining is another major market. Most of the natural
apartments over other accommodation options. resources that the continent produce is traded globally.
Africa has the majority of the world’s most precious
In the coming year, Dubai, Abu Dhabi, and Jeddah are resources and minerals including diamonds, gold,
expected to be key growth areas, attracting a mix of phosphate, and platinum.
regional and international operators and brands like The
Address, Fraser Suites, Staybridge Suites, and Rotana. Nineteen out of fifty-four African countries are amongst
the world’s most significant producers of oil and gas.12
Africa Finally, the telecommunications sector is competitive
and lucrative in Africa, with plans to develop this
By René Stegmann
industry by extending into rural areas.
After Europe and the Americas, Africa is becoming one
A combination of a rise in input pricing and an overall
of the most popular locations for business travellers.
increase across Africa in investment and activity
Serviced apartments in some of Africa’s most buzzing
suggest a general rate rise across the continent.
cities are in high demand as they continue to attract
Nigeria will witness an overall increase in prices in all
more business travellers and appeal to a larger crowd.
sectors, including the housing and hospitality sector.13
Casablanca, Morocco presents amazing investment
The most booked destination in Africa for serviced
opportunities that provide for even more growth in
apartments is Lagos, Nigeria. Nearly half of the city’s
the sector. Business travel in East African countries is
population conducts business, and its citizens are
predicted to show a steady increase, and Nairobi is at
reported to have a mutual commercial mindset. 70% of
the centre of this development due to Kenya’s positive
new business owners all around the world target Lagos
investment climate.
for future business opportunities.10

Côte d’Ivoire is one of the most politically stable

countries on the continent. That’s why many business
tycoons choose to extend their projects there.
Casablanca, Morocco is amongst the cities with the
most business investments. Morocco is also the first
African nation to invest in other African countries.

Johannesburg, South Africa is the largest city in the

southern half of the continent. Given the government’s
continued efforts and investments to improve
infrastructure, we predict that Johannesburg will
certainly continue on this upward trajectory. Nairobi,
Kenya has the largest stock exchange in Africa, and
the influx of tourism in this region certainly contributes
positively to its economy.

Amongst the five biggest international industries in

Africa, Agriculture makes up 15% of the continent’s

10. How Africa, https://howafrica.com/top-7-business-destinations-in-africa/

11. McKinsey & Company, Africa’s path to growth: Sector by sector | McKinsey
12. McKinsey & Company, https://www.mckinsey.com/featured-insights/middle-east-and-africa/africas-path-to-growth-sector-by-sector
13. Africa’s tourism: A global destination for investment and entrepreneurship | Brookings
 17

“We’re seeing the highest

demand for business travel
in cities such as Dublin and
Amsterdam, particularly
within the financial and
professional services sectors,
something we expect to
continue into 2024.”

an
u A rja
ot a n a B urg
C redit: R
 GSAIR 2023: EMEA
18

Alternative models

According to the 2023 GSAIR survey, corporate usage of alternative

accommodation models such as home stay and co-living are growing as
corporates evaluate the potential cost savings and traveller preferences.

25% of corporates are considering using co-living products.14 We hear from

Jermaine Browne of re:shape living, Juha Hämäläinen, Mark Houston and
Ulrike Tognon of ARIV Coliving as to all things alternative models.

Jermaine Browne Europe, giving it a comprehensive view across the

sector.
Our vision of co-living and alternatives is creating
dynamic spaces where residents and guests forge
meaningful relationships and lifestyles. Our alternative The Nordic serviced living market has witnessed a
living brands are tailored to different needs in different significant increase in new capacity, The mainstream
locations. For example, ARK Coliving is curated to serviced apartment category, which includes a wide
embrace urban dwellers seeking a vibrant community range of options from corporate housing to co-living,
led experience whether they stay for a few nights or has experienced substantial growth in the Nordics.
months. Brands such as Noli Studios, Unity, Bob W, and Forenom
have collectively added 2,700 new units across the
region in just a year.15 16 17 18
In the UK, we’ve seen the rise of innovative alternatives
blurring the lines between hospitality and residential,
exemplified by brands like The Other House and Locke Pure co-living, featuring shared apartments, has
Living. These appear to have mastered seamless living been introduced by brands like Umeus, Allihoop,
in beautifully designed and luxurious self-contained and Evergreen, adding 500 new units in the same
serviced apartments. Our approach puts greater timeframe.19 20 21
emphasis on the shared economy model and being an
affordable alternative. Home share has rebounded in 2023, surpassing
previous levels, with the Nordic capitals boasting a
Looking ahead, we envision a convergence of different total of 26,000 Airbnb listings. Copenhagen has the
models, all anchored in the principles of community, highest number of listings, while Stockholm has the
flexibility, and enhanced lifestyle experiences. It’s a fewest, mainly due to challenging regulations. Oslo has
dialogue that echoes the desires of modern resident, experienced the most significant growth, doubling its
commuter, and nomad – the quest for connections and listings within a year.22 23 24 25
curated living, rather than just a place to rest.
The serviced living sector is expected to expand
significantly, especially flexible concepts which are able
Juha Hämäläinen to accommodate stays from short-term to over a year.26
Forenom operates an extensive portfolio of 9,000 units, However, pure co-living with shared apartments is only
comprising serviced apartments, aparthotels, hostels, expected to grow modestly due to travellers’ privacy
corporate housing, and a flexible project housing needs.
section. The company also has its own agency across

14. Global Serviced Apartment Industry Report 2023 23. https://www.airdna.co/vacation-rental-data/app/fi/default/helsinki/

15. Noli Studios: https://nolistudios.com/en overview
16. Unity: https://unity-living.com/en/about-unity/ 24. https://www.airdna.co/vacation-rental-data/app/no/default/oslo/
17. Bob W: https://bobw.co/ overview
18. Forenom business intelligence database 25. https://www.airdna.co/vacation-rental-data/app/se/default/
19. Umeus: https://www.umeus.no/ stockholm/overview
20. Allihoop: https://www.allihoopliving.com/ 26. Interview with Natalia Nikola, Head of Serviced Living Noli Studios/
21. Evergreen: https://evergreen.rent/ Nelio Concepts
22. https://www.airdna.co/vacation-rental-data/app/dk/default/
copenhagen/overview
 19

According to Forenom market research, low-cost space and coworking. Our corporate guests are very
project housing solutions are anticipated to increase mixed in age.
substantially, primarily driven by planned major
infrastructure, industrial, and energy projects. Home Our building in Basel is a former hotel with 150 studios
share will continue to grow at a moderate pace. Hotel and one bedroom units, although our next ARIV
chains have not yet introduced new extended stay Coliving, which opens in Zug next year, will include
portfolios on a large scale in the Nordics, but this is two bedroom units. We accommodate short stays
expected to change in the future. of between 1 to 29 nights, although our focus is on
bookings of 30 nights and more. Our average stay is
Mark Houston five months.
Charles Hope Living is a build-to-rent management
Community is an integral part of the ARIV Coliving
(BTR) company with plenty of experience in the
concept. In Basel we have 1,500 square metres of
serviced apartment industry under our sister brand,
communal space. There’s a coworking space where
Charles Hope Apartments.
everyone can go. The space has a printer and private
cabins to make calls. Switzerland is not a place where
We predominantly operate in multifamily properties
you meet people easily, so our communal spaces
(those with different unit types) in the BTR sector but
enable a sense of community.
there are other models in the alternative space such as
HMO’s, co-living accommodation, PBSA’s (purpose-built
Our average guest is aged in their early thirties;
student accommodation) and assisted or residential
they’re mainly corporate clients in a student or trainee
retirement living.
programme, but sometimes managers too. We even
have couples in their eighties living with us, while their
All sectors have seen increased demand because they
own homes are renovated.
provide complete and convenient solutions including
furniture, fitness facilities, and communal areas. The
We also have families, although that’s not typical
increase in demand for BTR rentals has also been
because we don’t have two bedrooms here. There will
inflated by a higher percentage of private landlords now
be more 2 bedroom units in Zug, allowing us to host
selling property, as inflated interest rates have made
more families there.
letting a property no longer profitable for many.
Looking ahead, I believe that co-living will grow
70% of global institutional investors are forecast to
because it focusses on the social aspects of a stay,
become active in the suburban BTR market within the
especially when you retain some key private facilities.
next five years; a big increase on the current 42%.27
However, increased inflationary pressures on building
materials, rising energy and borrowing costs are
escalating the pressure on developers from investors to
control costs whilst maintaining a healthy yield.

There are always opportunities for those looking

to capitalise on the increased rental demands. The
pipeline for 2023 in the BTR sector at the start of
this year was over 113,000 homes (including those in
planning) taking the total UK BTR stock to 242,500 “We envision a convergence
homes.28 This trend certainly outpaces growth in the of different models, all
private rental sector.
anchored in the principles
Ulrike Tognon of community, flexibility,
Co-living is quite new in Switzerland, and ARIV Coliving and enhanced lifestyle
is a start-up based in Zurich with its first property in
Basel. experiences.”
Co-living products usually target young people with
lower budgets, who share kitchens or bathrooms or
both. However, all ARIV units have private kitchens and
bathrooms, which is essential for corporate clients, so
we essentially offer a serviced apartment plus co-living

27. https://www.knightfrank.com/residential-investment-report
28. https://www.savills.co.uk/research_articles/229130/339547-0
 GSAIR 2023: EMEA
20

EMEA Supply

Opportunities and challenges for the projects. Quality-wise, some of them offer 40%-
Serviced Apartment industry in Europe 50% cheaper rates than current city serviced
apartments for premium corporate travellers.

Europe In a nutshell, Europe has a brilliant outlook in the

serviced apartment market, but BTR (build-to-rent)
By Samuel Toribio projects pose a question mark as to where the limit
will be.
Europe's serviced apartment market has experienced
remarkable growth over the past few years, driven by
an increasing number of business travellers, corporates
Middle East
preferring apartments over hotels for long stays, By Kurtis Murphy
and a preference for more flexible and comfortable
accommodation options. Moreover, in the last 2 years, The Middle Eastern serviced apartment market
the industry has expanded its footprint from the continues to grow and mature with many new openings
traditional markets (UK, Ireland, Germany) towards across the region. As the region develops, product
Southern Europe with relevant projects in Lisbon, standards are evolving to appeal to a more international
Madrid, Barcelona, Milan, Athens…We see opportunities consumer.
aplenty for two reasons as follows:
In the UAE, there has long been a clear focus on
• Broader audience attracting international inbound tourism and this
As more projects are deployed, this segment is continues. It is much more typical now to find
expected to attract more clients from the non- businesses operating during Ramadan than it was five
traditional corporate sector to digital nomads, years ago, and in 2022 we also saw an alignment of
workation programs and b2b2c clients coming UAE weekends with the internationally recognised
from self-booking tools. Furthermore, the rise of Monday to Friday business week.
new platforms entirely focused on this audience
will enable a new demand driver. It is not just tourism that has driven sector growth here;
the UN Expo and COP28 are clear indicators that this
• Disrupting new markets region is keen to attract international businesses to
establish permanent bases in the region. The UAE’s
Second/third tier cities will be a hot spot as
historically more conservative neighbours - Saudi
investors will find better deals from a yielding
Arabia and Qatar - are emerging as heavyweights in
point of view but also uplifting cities like those
the sporting world; the 2023 World Cup, Liv Golf, World
mentioned above (Southern and Eastern Europe)
Championship Boxing, the Saudi Football League are
will benefit from this, as the current options are
undoubtedly generating demand and interest in the
limited.
region. KSA’s $500bn Neom megacity on the Red Sea
coast, eventually projected to become home to 9 million
Whilst these opportunities are exciting, unavoidable
people and supporting the Kingdom’s aim to become
headwinds are being faced and will continue to provide
less dependent on oil, has already driven significant
obstacles, which the industry needs to overcome,
numbers of relocations to the region.
particularly the following:
While this is all generally positive for the GCC economy,
• Inflation and price increases
for extended stay guests and corporates, it can cause
Recent inflation levels have had a massive effect spikes in the year of low availability and higher rates.
on prices, and this has created a gap between
apartment and hotel ADRs that for shorter stays SilverDoor Apartments has increased their portfolio
was not as noticeable. Deducting extra costs (like by over 4,000 units over the last 12 months in growing
cleaning fees) from the price might be a solution markets across the Middle East including Bahrain,
to make apartments “look” cheaper to clients. Israel, Oman, Qatar, Saudi Arabia, Turkey and UAE.

• Alternative real estate projects Key players have established a strong foothold in the
While serviced apartments have enjoyed a market over the years such as Rotana, IHG, Ascott,
steady rise in popularity, they are facing stiff Dusit, Millenium Hotels & Resorts and Accor; many of
competition from co-livings, which have gained whom continue to open new stock on an annual basis.
traction among the millennials and digital nomads. Cheval Collection are also new entrants to the region
Europe is experiencing a boom on co-living with 131 rooms on the prestigious Palm.
 21

The ability to offer sustainable options has rapidly terms of modern hotel development, and new entrants,
become a hot topic across the industry and, while areas both owners and the hotel chains, have focused on
such as the Middle East have historically lagged behind core full-service brands. And a lack of understanding of
in this area, the region is gaining ground here too. IHG’s the extended-stay sector means that both owners and
‘Green Engage’ programme allows the hotels to choose lenders have shied away from getting involved.
from over 200 ‘Green Solutions’ designed to help them
reduce their energy, water and waste, and improve their Looking to the future, there appears to be some
impact on the environment. Similarly, The Ascott Group traction in terms of development. According to our
have partnered with Bureau Veritas to audit its Serviced annual pipeline survey,30 the chains have signed
Residences globally. There is great expectation for management or franchise deals for 37 new extended-
the Middle Eastern market to follow in a similar vein stay properties with 5,300 units, which is about 6 per
as companies look to hit carbon reduction targets in cent of the total hotel development pipeline in Africa.
business travel. The average size of an upcoming extended-stay hotel
is 147 units, quite a lot more than the existing supply.
Africa Marriott again lead the pack, with 13 new properties
coming into the market in the future containing 2,100
By Trevor Ward
units. However, the Ascott are also doing well, with 8
properties containing 900 units. Of the total, about 50
To describe Africa as undersupplied with serviced
per cent are already under construction, the remainder
apartments is an understatement!
are still waiting to break ground.
Africa’s a huge continent, with 54 countries. This is
more than a quarter of UN members. It has a population
of 1.5 billion. That is about 19 per cent of the global
total. However, according to Fino Hospitality,29 at the
start of 2023, international hotel chains had just 14
properties bearing their extended-stay brands in nine
African countries (Algeria, the DRC, Egypt, Ethiopia,
Kenya, Morocco, Nigeria, South Africa, and Tanzania)!
With about 1,550 units, that’s an average of 110 units
per property, ranging from the 164-unit Somerset
Westview in Nairobi, Kenya to the 48-unit Executive
Residency by Best Western, also in Nairobi.

Marriott, one of the biggest operators in Africa,

alongside Accor, lead with four properties under
their Element, Residence Inn, and Marriott Executive
Apartments brands, with Accor, Ascott, BWH, Dusit,
Frasers, Hyatt, IHG, Pan Pacific, Rotana and Wyndham
having one apiece. Most of these properties opened in
the last five years.

It’s a 12-hour flight from Cairo to Cape Town (N to S),

and 9 hours from Dakar to Dar es Salaam (W to E),
and these long distances, with arduous road journeys,
and other factors mean that there is strong demand
for extended stay accommodation. So why so few
branded properties? In fact, with the exception of
notable markets such as Nairobi, Cape Town and
Johannesburg, there’s a shortage of any extended-stay
hotels. Well, there are many reasons, picking on just
two, much of Africa has lagged behind other regions in

29. www.finohospitality.com
30. https://w-hospitalitygroup.com/pipeline-report/
 GSAIR 2023: EMEA
22

Licensing and compliance

The regulatory framework for serviced apartments across EMEA is

highly fragmented. To contrast the current landscape across the region,
Deborah Heather examines the UK government’s proposed introduction
of serviced accommodation licensing despite the presence of several
accreditation schemes for serviced apartments, Stephen Martin
sheds some light on compliance in mainland Europe, Adam Kane-
Smith considers the main African markets which have a mature set of
standards for the industry and Ozge Ozturk discusses the commonality
and points of divergence in standards across the GCC.

Deborah Heather also has a licensing system rather than a simple

registration system.
Along with the entire UK hospitality industry, the
accommodation sector is waiting for the results of
The Channel Islands and Isle of Man successfully
various consultations on registration or licensing.
operate different versions of licensing. In the Isle of
Man, the OTA’s and Airbnb have never been a threat to
Scotland’s licensing legislation is currently being
housing, communities, or legitimate business operators,
reviewed, whilst the Welsh government are predicted
as it’s manageable through already robust systems.
to deliver a mix between Scotland’s sledgehammer and
The legacy licencing has always included appropriate
England’s expected light touch version.
planning permission and fire and health and safety
checks for all accommodation providers.
Given existing legislation, legitimate, professional
operators in England should have nothing to fear.
For me, registration should not be a problem for
Despite long-standing issues with bad actors operating
professional or responsible operators, as it helps
without public liability insurance, or the right Health and
withdraw the bad actors from the market. The real
Safety checks, anyone operating responsibly wants to
issue is over complex, one-size-fits-all legislation,
protect their guests as much as possible.
designed to solve housing issues rather than support
business tourism and the communities it supports.
In the eyes of the law, it’s a case of mitigating
risk. There’s the added benefit that this is what
consumers, business travellers and those that procure Stephen Martin
accommodation on behalf of others, want. Following the release of ISO 31030 (Travel Risk
Management) in September 2021, we have seen
Operators who don’t recognise their responsibilities increasing demand for serviced accommodation to
can be managed out or made to conform by ensuring obtain a safety-based accreditation.
suitable checks and balances are in place. Registration
is a simple education process for those with their heads Across EMEA region, we deliver our Compliance
in the sand, ensuring they are aware of their legal Accreditation (health & safety centred) to clients in 19
responsibilities. countries, encountering varying national standards.

Each of the devolved governments are trying to Our Compliance “global standard” cannot be applied
manage housing issues. In Scotland, the infrastructure verbatim in all countries, but the content and level of
of long term lets was nearly crippled by changing verifications required for each accreditation module
legislation to favour tenants which has since impacted can be achieved by approaching each one from the
short lets too. perspective of what needs to be verified. For example,
a Fire Risk Assessment (FRA); widely recognised and
Wales is looking to solve its second home problem but understood in the UK, but not necessarily a system
failing to understand that second homes operating used in other countries. There are other mechanisms by
commercially bring year round revenues, helping which the output of a FRA can be verified, from annual
communities to exist. In England, where levelling-up inspections by the fire department to a governmentally
and registration consultations are running concurrently, applied license (incorporating fire safety assessments),
the risk is that consultation recommends using planning renewable annually.
permission to solve housing issues, and that England
23
 GSAIR 2023: EMEA
24

By applying this approach to other criteria, we can Ozge Ozturk

verify that the standard is being upheld globally.
In the UAE and Qatar, serviced hotel apartments are
Serviced accommodation providers are required to
a part of the hotel classification and fall under the
make prescribed pieces of evidence available to us so
“Tourism Establishment” category. The Department
we can help them achieve compliance, as required by
of Economic Development in the UAE and the Qatar
their corporate clients.
Tourism Authority in Qatar, are the governing bodies
which issue licenses to operate as a hotel or a
In European countries like Switzerland, the state
serviced hotel apartment, based on compliance with
operates a more top-down approach to safety
the respective tourism licensing laws which set out
regulation in accommodation providers’ properties.
certain pre-requisites to be met. These mostly relate
This means operators are not used to requests from
to safety and the existence of certain minimum facility
accrediting bodies for evidence that the building is fire
and service standards. One of the pre-requisites for
safe, for example.
obtaining a license is the achievement of certification
from the civil defence and food control authorities.
For them, the fact that the property is provided with a
Health and safety measures are constantly audited by
permission to operate through insurance is evidence
the governing bodies across the establishments, with
enough of building safety.
fire drills taking place twice a year, and HACCP audits
taking place regularly.
The challenges we encounter, and the way in which
we meet them, allow us to work with serviced
In the UAE and Qatar, serviced hotel apartments are
accommodation providers across countries to achieve
not allowed to serve alcohol, tobacco or shisha, as
continuous improvement in safety standards, to help to
per the regulations for that category. However, hotels
make serviced accommodation recognised as safer and
and serviced hotel apartments co-located in the
better for everyone.
same complex, are able to serve alcohol and shisha at
designated outlets, if they have obtained a separate
Adam Kane-Smith licence from the respective government bodies.
The regulatory framework in Africa varies from
country to country. In South Africa, the Short-Term All tourism establishments are inspected annually and
Accommodation Act of 1993 requires all serviced on a random basis, for the validation and/or extension
apartments to be registered with the Department of of the licences and for compliance audits.
Tourism and to comply with a number of safety and
quality standards. In Istanbul, individual apartment owners can rent their
apartments by using Airbnb etc. and they usually
By contrast, in Nigeria there is no specific regulatory provide housekeeping services too upon request. A
framework for serviced apartments. Instead, they are license is needed for them as residents’ identities
subject to the same laws and regulations as any other must be declared to local law enforcement. However,
type of property. as there are thousands of individuals who rent their
apartments in this way; it is very hard to control and
The specific risks and mitigations required for serviced there is probably a high proportion which operate
apartments in Africa will vary depending on the region. without a license.
However, the common risks include fire safety, due
to the prevalence of old buildings and poor fire safety As a summary, all accommodation facilities including
standards; security to protect guests from theft and motels, aparthotels, serviced apartments, and hotels (1
other crimes, such as CCTV cameras, security guards, to 5 stars) need a license.
and access control systems, and health risks including
malaria, typhoid, and cholera. There is not a different definition in Turkish law
between serviced apartments & hotels and all are
Licensing requirements for serviced apartments also obliged to have a tourism license.
vary. In some countries, serviced apartments are
required to be licensed as hotels, while in others they When it comes to sustainability and how properties
may be licensed as a different type of property, such as are built, there is a move towards regulation. 2023 has
a guesthouse or bed and breakfast. been designated the year of sustainability in the UAE. 31

When it comes to sustainability, Africa may lag behind

the initiatives being taken in Europe and the U.S.,
but there is a growing awareness of the benefits of
operating more ecologically. Some examples include
using energy-efficient appliances; reducing water
consumption, recycling, and composting.

31. https://uaeyearof.ae/
 25

“Registration should not be

a problem for professional or
responsible operators, as it
helps withdraw the bad actors
from the market. The real issue
is over complex, one-size-
fits-all legislation, designed to
solve housing issues rather than
support business tourism and the
communities it supports.”

an
u A rja
ot a n a B urg
C redit: R
 GSAIR 2023: EMEA
26

Hospitality Tech

The GSAIR survey showed the appetite amongst

serviced apartment operators to adopt technology
that supports them offering a more digitised stay,
with PMSs having been widely employed, followed by
self-service check in, mobile apps, and digital access
control systems.32 Sally Richards, Managing Director of
RaspberrySky Services, with over 20 years’ experience
within hospitality technology provides her insights into
the digital customer journey now and in the future.

In conversation with Sally Richards

Sally, could you start by giving a bit the teams to ensure you change their “hearts and
of background about yourself and minds”, not just the technology stack.
RaspberrySky? I’ve been in the industry all my working life, and so
Sure, RaspberrySky Services started nearly 18 years many clients give me fairly fluid briefs…”Our occupancy
ago. As the industry has evolved, so has the kind of has gone down but we don’t know why.” I call it a “point
projects that we do. My background is travel agency, of pain” brief and we investigate where the issue lies
tour operator, airline and hotels. I came to consulting and then recommend and implement solutions.
with a really good understanding of supply and
demand. A lot of the business that we get is from the What do you consider to be the main areas
demand generators as well as from supply, whether
of change from a business and customer
that’s hotel or serviced apartment, hostel, or campsite,
OTA, Tour Operator etc. perspective, over the last 18 years?
I think the light bulb is going on that we can’t dictate
That’s an incredible background of how the customer interacts with us. Whether it’s
experience. So specifically, what digital, traditional or hybrid, it’s our role as a hospitality
organisation to enable all of them. We often see,
technology elements of the typical hotel or particularly in full service markets like luxury, the belief
serviced apartment customer journey do that the guest wants to walk in, go to the front desk,
RaspberrySky Services support with? have that human interaction and fill out the paperwork.
More recently, our focus has really been on technical But the reality is that the luxury guest is changing, and
audits, reviewing our clients’ IT stack. We undertake they don’t want to check in at the desk, they want to
commercial reviews and those generally lead to a check in online.
system requirement. We then conduct the technical
system RFP processes and if required, we can help the They want to get to their room, instant message the
client implement the new solution into their business concierge and not to have to go down to reception
with project management services. A big part of the or pick up an in-room phone. It’s about realising there
implementation is business process reengineering. aren’t two different guest types - traditional and digital,
Often organisations decide that they’ll change a piece but there’s a hybrid depending on how you’re travelling,
of kit, for example their PMS, but then try to “shoehorn” when you’re travelling and for what purpose. So we
the old processes into the new technology leading to need to offer the guest choice in how they interact and
them not fully realising its benefits, so reengineering be aware that it may change, but however they decide
the process is very important. You also need to engage to interact, just make it seamless.

32. Global Serviced Apartment Industry Report 2023

 27

Data is more important than ever - the single view

of the customer, that enables you to understand and
anticipate their needs. But we have a load of data
silos in our industry. A lot of data, but not a lot of
intelligence. We know what we want to achieve, but
it’s difficult to consolidate and pull and I think that’s a “The light bulb is going on
really big focus.
that we can’t dictate how
And then there’s data ownership. In the future you the customer interacts with
will not own the customer data - the customer will
own and control their data and decide who will have
us. Whether it’s digital,
the right to use which data sets. traditional or hybrid, it’s
Middleware is also now a huge growth area enabling
our role as a hospitality
better integration of systems, but it will also help organisation to enable all of
with providing a single view of customer data.
them.”
What is middleware?
Middleware enables you to connect all your systems,
such as your PMS, through one central platform and
share data. No silos mean that you can then pull
that data out and manage it. Everything interacts
with just one layer and no 1-1 systems. You’re then
less reliant on any one system, making it easier
to replace it, as your interface is with one central
system via APIs. Yes, it means a new piece of kit Finally, Artificial intelligence…
that you probably didn’t have before, but it gives you The buzzword of the moment, right?
much more flexibility. Some examples are IReckonU
and Hapi Cloud. Do you see it playing a part in every aspect
of hospitality now, or are there any aspects
Got it! How do you see this trajectory
where a human is still better?
of change continuing to evolve for the
You would hope a human is still better in a lot of
business traveller with the customers
cases! But where AI and machine learning is brilliant
that you work with, for example? is taking away all those repetitive tasks that a human
Business travellers want flexibility and it’s now a being is doing today, to automate so that the human
diverse demographic - digital nomads, bleisures can actually interact with a guest and offer some kind
etc. They want a more rounded experience. They of service. I don’t think it’s going to replace humans
want to be able to book more non-room elements entirely, but it is certainly going to automate repetitive
online - scenarios such as the business traveller who tasks.
wants a meeting space and somewhere to eat in
a property but no bedroom reservation or perhaps Machine learning is already here. We need to be aware
they want a bedroom but only to conduct a daytime of it, but I personally am more interested in the virtual
meeting. We are seeing system capability evolving reality (VR), the mixed reality, the extended reality.
to support a range of inventory types and without How will we evolve the physical and the digital world
being restricted in being linked to a one night stay, together to enhance experiences? That’s the fun stuff!
with the ability to book online. VR devices will become more user-friendly moving from
massive VR goggles to the overlay being in your glasses
Coworking spaces, retail outlets and community for example. That’s the future. But I would just be happy
spaces, are increasingly a feature. The property if people weren’t still asking the question, ‘should I
becomes more of a destination as opposed to a move my key systems to the cloud?’!
collection of rooms with an unused central space.
You increasingly see these mid-scale, limited It’s true! I’m still working with hotels that have on
service offerings with more funky spaces… a premises PMSs, and it’s a big change for people. In
nice bar, groovy restaurant, and convenient retail serviced apartment and hotel back of house there’s
fostering more of a community and now you can still a lot of paper and manual processing. Automation
even have subscription models covering your coffee, and integration through APIs…that’s where the
workspace etc. opportunity is.
 GSAIR 2023: EMEA
28

Glossary of terms
Several acronyms or abbreviations are used in this publication. These are as follows:

ADR: Average Daily Rate.

Used more generally to describe an intermediary, either individual or company, booking travel
Agent:
or accommodation on behalf of another party.

AI: Artificial Intelligence.

Fully furnished and equipped apartments, which include hotel services such as manned
Aparthotel: reception and cleaning. Typically used for shorter stays and suitable for business and
leisure use.

API: Application programming interface.

A short or long term stay, undertaken to perform a specific task or project based trip. Stays
Assignment working: can last between 30 days and three years33 and are temporary, whereas Relocation (see
below), is permanent. Assignment workers are often referred to as assignees.

B2b2c: Business to business to consumer.

Bleisure trips combine leisure with business, usually by tacking extra days onto
Bleisure:
a business trip.

BTR: Build To Rent.

A journey specifically taken for work purposes, usually but not always up to seven days.
Business travel:
Business travel excludes daily commuting, leisure trips or holidays.

CHPA: Corporate Housing Providers Association.

Coliving refers to accommodation where multiple unrelated people can live together. Units
Coliving: usually contain large communal spaces as well as private bedrooms. Developments often
feature social areas and programmes designed to foster a sense of community.

Residential apartments, packaged up to include servicing and bills, typically bookable for
a minimum of 30 nights, either let and maintained by the operator on an ongoing basis or
Corporate housing: rented specifically for a particular housing requirement and length of time, after which they
are handed back to the owner. Corporate housing is also the term used in the U.S. to describe
serviced apartments.

A person who earns a living working online in various locations of their choosing, rather than a
Digital nomad:
fixed business location.

EEA: Energy & Environment Alliance.

EMEA: Europe, the Middle East, and Africa.

ESG: Environmental, Social, and Governance.

An umbrella term encapsulating Augmented Reality (AR), Virtual Reality (VR), Mixed Reality
Extended reality:
(MR), and everything in between.

33. https://www.crownworldmobility.com/wp-content/uploads/2013/10/13-jan-CWM-white-paper-changing-world-of-international-assignments.pdf
 29

FRA: Fire Risk Assessment.

GCC: Gulf Cooperation Council.

Gross Domestic Product, the monetary value of goods and services produced in a country in
GDP:
a given period of time.

GSAIR: Global Serviced Apartment Industry Report.

HACCP: Hazard Analysis Critical Control Point.

House in Multiple Occupancy, a building, or part of a building (for example, a flat) in which
HMO: more than one household lives and shares an amenity, such as a bathroom, toilet or
cooking facilities.

Home Stay: Generic term for products like Airbnb, Onefinestay, or home rental.

IFRS: International Financial Reporting Standards.

ISSB: International Sustainability Standards Board.

a medium consisting of immersive computer-generated environments in which elements

Mixed reality:
of a physical and virtual environment are combined.

The region consisting of Denmark, Norway, Sweden, Finland and Iceland, the Faroe Islands,
Nordics:
Greenland and Åland.

Occupancy: Percentage of occupied bedrooms / apartments during a set period.

OTA: Online Travel Agent (e.g. Expedia, Booking.com).

PBSA: Purpose Built Student Accommodation.

PMS: Property Management System.

QNDC: Qatar National Development Council.

Relocation (also referred to as Relo), involves permanently moving an employee, and family,
Relocation:
to another city or country.

RFP: Request For Proposal.

SEC: Securities & Exchange Commission.

Serviced apartment Terminology used in the UAE for the classification of serviced accommodation in the
hotel: issuance of licenses.

Generic term to describe the expanding number of emerging extended stay concepts. Fully
Serviced living:
furnished accommodation including kitchen facilities, with some private and communal spaces.

A Travel Management Company manages the business travel requirements of an individual or

TMC:
organisation, in line with their corporate travel policies, where relevant.

UAE: United Arab Emirates.

UK: United Kingdom.

U.S.: United States of America.

Working in a usual mode whilst travelling. In comparison with the term digital nomad, it is
Workation:
generally considered to denote a less permanent state of working travel.
 GSAIR 2023: EMEA
30

“Nothing is more terrible than

activity without insight”
– Thomas Carlyle

Are you setting up a serviced apartment building in a

new market and in need of customer insights?

Could you benefit Would you like to have

from understanding Do you need support data for underserved
your competitor set with rate-setting? markets, which might
better? have a space for you?

To start a conversation on how insights

will help your business, contact
Sacha Sandhar, Head of Insights.

+44 (0)20 8168 8168 [email protected]

ariosi.com
 31

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