The Pandemic Changed the Serviced Apartments Industry Forever
Photo Credit: Agencies that book guests into long-term stays in serviced apartments have been hit hard by the pandemic. Unsplash / Alexander Pemberton
Skift Take
A wave of agency closures and takeovers means those that are left need to ensure they're lean enough to compete with owner and operators.
This year has been one of two stories for companies in the corporate serviced apartments space.
Legacy agencies and hybrid agencies (owner/operators with their own agency business) that typically book guests into long-term stays in serviced apartments have been hit hard by the pandemic — much like leisure and corporate travel agencies.
The owner/operators of the apartments seem to be faring better, as corporate employees and essential workers steered clear of hotels with their shared spaces deemed less hygienic. The operators have also in many cases either reduced inventory by moving into the residential market or reduced the numbers of units in their portfolio.
Join Us at Skift Global Forum in NYC Sept
