Radisson Hotel Group plans to more than double its serviced apartments portfolio over the next five years across Europe, the Middle East and Africa.
Serviced apartments currently represent approximately 10 per cent of the group’s portfolio in those regions, with 45 properties and over 5,400 units in operation and under development. The group operates its serviced apartments as a stand-alone or a mixed-use development in combination with a traditional hotel operation.
The group now plans to open new units in Paris, Germany, Amsterdam, Dubai, Istanbul, Larnaca, Cortina, Cairo and Riyadh.
Commenting on the plans to increase its footprint in the service apartment sector, the group stated that it recognises the “attractive model of either combining both hotel and serviced apartments in one development or as a standalone operation”.
Its serviced apartments include studios as well as one-bedroom and two-bedroom apartments with a fully equipped kitchen, en-suite bathroom, 24-hour reception, housekeeping services, communal spaces, dining options and leisure facilities.
The group recently announced plans to open a serviced apartments property in Pakistan’s capital in 2023, located within a mixed-use development including offices and a shopping mall.
Elie Younes, Executive Vice President and Chief Development Officer at Radisson Hotel Group, said:
“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.”
Radisson Hotel Group has nine hotel brands, with over 1,4000 properties in operation and under development in 120 countries.