Co-living, second-tier cities and apps that create sub communities — there’s a shake-up on the horizon and hospitality companies can learn lessons from Asia.
Everyone says they wish they had a crystal ball to predict the future, but it’s been there all along. It’s called Asia.
The region’s early containment of coronavirus, particularly in China, gives travel companies in other parts of the world insight into emerging trends, showcasing new living and working habits, alongside travel behaviors.
Sitting at the junction of all this is the extended stay sector. Some serviced apartment companies in Asia now want to emulate their success and ramp up growth elsewhere.
What they're seeing is a pull towards community-focused living, after months of people living in isolation, and a need for greater flexibility. Developers and other accommodation players in the U.S. and Europe take note, because the amount of corporate travelers that need long-term stays is set to soar.
“Before the pandemic, traditionally only one or two percent of employees would be classified as mobile employees by multinational companies, which have hundreds of thousands of staff," said Vivi Cahyadi Himmel, CEO and co-founder of rental platform AltoVita. "That landscape changed, it may be 20 to 30 percent now.”
Speaking during a recent webinar, APAC Investor Sentiment Out of The Crisis, which it also sponsored, she said human resources professionals were looking to check their employees into places that offered a sense of community.
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In Singapore, Ascott was experimenting with so-called co-living properties before the pandemic through its Lyf brand. It focuses on communal spaces and activities for longer-stay residents.
"It was well received in Asia, and we now want to take this to Europe, whether (through) investment or managing thir