Radisson planning to invest further in serviced apartments sector

Tuesday, December 1, 2020

Radisson Hotel Group has planned to more than double its serviced apartments portfolio within the next five years across Europe, the Middle East and Africa. The expansion plan aims to double the portfolio in operation by 2025, recognising the attractive model of either combining both hotel and serviced apartments in one development or as a standalone operation. The proposition features an attractive operational and commercial model with value engineered construction parameters, featuring a new look and design.

It offers studios as well as one-bedroom and two-bedroom apartments with fully equipped kitchen, en-suite bathroom, 24-hour reception, housekeeping services, engaging social and communal spaces, dining options and a range of leisure facilities tailored to its location. Today, serviced apartments represent around ten per cent of the portfolio of the hotel group in the regions, with 45 properties and more than 5,400 units in operation and under development.

Radisson operates its serviced apartments as a stand-alone or a mixed-use development in combination with a traditional hotel operation. Serviced apartments will be developed as a brand extension of the existing portfolio to cater to the different segments from midscale to luxury. Elie Younes, Chief Development Officer, Radisson Hotel Group, said in a statement that for many years the brand have explored the strong demand for serviced apartments and extended stay products by recognising it as an attractive risk-adjusted investment proposition that has considerable growth potential.

He also added that given its relevance to the current economic climate, the value proposition has recently been further defined in the brand’s portfolio, offering a holistic concept with more opportunities for investors and opening more possibilities for guests. He stated that the company is also committed to stay relevant to all its stakeholders.

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