Business Travellers Staying In Long Term Serviced Apartments

Long Term Accommodation For Project Based Employees

Professionals sometimes have to move to certain cities for projects. Their assignments might require them to relocate for a maximum of 6 months. Companies used to pay for their guests and employees’ accommodation in 4 or 5 star hotels for these corporate agenda. However, there is a fast- emerging alternate accommodation, and these are serviced apartments. These establishments offer spacious, comfortable and convenient accommodation with standard services paid for at a much lower cost. These establishments are popular in the corporate world and major cities have a sufficient number of them, both upscale and lower end.

Company and Serviced Apartment Owner’s Deal

In the West, the concept of a long term serviced apartment is immensely popular. IT parks, locations found in major cities, are accessible to these sites. Whenever professionals or employees are assigned to work project or contract based, they look for these apartments to rent as their temporary residence. Typically, corporate firms and apartment owners enter into a deal or agreement. An IT company that regularly assigns employees to affiliate companies in selected cities may opt to deal with credible apartment establishments for a period of one to three years. Doing so assures such companies of a fixed (and even discounted) rent and confirmed accommodation. These entered deals and agreements are beneficial to both parties.

Why Is There A High Demand?

Primarily, it’s because of cost- effectiveness. Guests get to enjoy a home-like atmosphere during their stay while they avail of personalized services. Basic services like air- conditioning to internet, a kitchenette, housekeeping services and security are provided. Other comforts and utilities are available as well. Some establishments have a swimming pool, a fitness gym, a tennis court, a restaurant and a conference room in the premises.

The longer the accommodation, the more benefits guests derive from their stay in a serviced apartment. Companies entering into a deal with apartment owners agree on a fixed amount, with the former spending 60% lower than what they pay for in 4-star hotel accommodation. Upscale serviced apartments are more expensive, but for those who need to scrimp on their budget, there are low- end sites offering fewer services, simply the basics.

How popular are serviced apartments? The most preferred sites get 90% occupancy on the average. It is a big source of income, that’s why many owners consider loaning their properties to this segment.