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World hospitality group Accor is ramping up its presence within the US$54.5 billion world prolonged keep accommodations market with the growth of its Novotel Residing model to new locations.
Now working in Singapore, Bangkok, Saigon, and Kazakhstan, Novotel Residing is gaining momentum in numerous markets with extra areas quickly to be introduced, whereas Pullman Residing and Adagio additionally proceed to develop.
With greater than 380 prolonged keep accommodations below 14 world manufacturers, spanning economic system to luxurious, Accor is dominating the class exterior the USA. And with the market projected to succeed in US$166.5 billion by 2032, based on Future Market Insights, the group is positing itself for continued development.
“With new journey habits taking maintain and extra folks in search of out longer stays, Accor has continued to do what we do greatest – lead the markets the place we’ve deep roots, robust relationships, and a strong presence – corresponding to Europe, the Center East and Asia Pacific,” stated Accor Deputy CEO and Premium, Midscale and Economic system Division CEO, Jean-Jacques Morin.
“Over the previous couple of many years, Accor has established strong bench energy in our prolonged keep portfolio with lots of our flagship manufacturers – from Adagio, which is Europe’s market chief within the aparthotel trade, to trendy serviced residences throughout our luxurious and life-style portfolios.
“With one of many quickest rising prolonged keep networks within the trade, and strong demand for our widespread premium to midscale manufacturers corresponding to Novotel Residing, we are going to proceed to push the boundaries in creating revolutionary locations the place our visitors can dwell, work, and play.”
With a excessive focus of properties throughout Europe and Asia, Accor is tapping into areas with excessive demand for prolonged keep, serviced residences and personal leases, however development within the US market additionally spells alternative.
In keeping with the World Serviced Condominium Business Report (GSAIR) 2023, “Europe stays the epicenter of serviced condo demand,” whereas Asia Pacific accounts for the most important share of company serviced condo volumes, with the UK an in depth second.
However within the US, regardless of resort prolonged keep portfolios increasing by “greater than 50%”, based on CBRE Resorts Analysis and STR, The Highland Group reviews demand for extended-stay lodging remains to be “outpacing provide by almost three-to-one in most US markets.”
“The escalation of demand for prolonged keep properties is a worldwide phenomenon, pushed by a demographic shift amongst travellers who’re taking longer journeys, mixing enterprise with leisure, and exploring locations extra absolutely,” stated Morin.
Accor lately opened Pullman Residing Dongguan Discussion board in China, whereas Adagio has opened eleven new aparthotels throughout 5 continents this yr.
There are a number of luxurious serviced condo initiatives underway together with the 250-key Sofitel Serviced Residences Riyadh.
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