This Lodging Sector Needs Airbnb and Booking to Grow Its Business
Photo Credit: An apartment at the AKA Residences in West Hollywood, California. The serviced apartment sector will become a battleground for online travel giants like Airbnb and Booking who want to increase their private accommodation offerings. AKA Residences
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If you don't know what a serviced apartment is, you're likely not alone. And that's probably one of the biggest problems this lodging sector faces as it tries to grow beyond catering solely to corporate travelers.
For one small but growing sector of the lodging industry, the need to work with online travel platforms like Airbnb and Booking.com has never been greater.
Serviced apartments, which usually cater to corporate travelers who have undertaken extended travel assignments or are in the process of relocating, make up a relatively small piece of the global accommodations market, but they also comprise a sector that is rapidly growing and evolving.
There are 826,759 serviced apartments worldwide, an increase of 10.5 percent in the past 18 months, according to the 2016/2017 Global Serviced Apartment Industry Report by The Apartment Service,
But perhaps the biggest obstacle to even more growth for these types of accommodations is that few people even know what a serviced apartment is, or the fact that they offer additional amenities, such as concierge services and 24/7 guest support. Most consumers, however, have an awareness of Airbnb and Booking.com.
And as the battle between Boo
