Serviced apartments are furnished apartment units that provide temporary accommodation characterised by a desirable blend of the private comforts of a home and full-scale amenities, a trait that makes this accommodation type very conducive for family life.
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Demand for serviced apartments primarily entails
-foreign company executives placed in India
- NRIs who are relocating to India
NCR
-Qutab hotel and the Ramada Plaza being the properties to recently initiate such services.
-big brands like the Marriott, Oberoi's, Oakwood, Westin, Leela, Claridges and Crowne Plaza are keenly looking to launch such projects across the NCR market.
- The Leela's Residency with an inventory of 90 rooms and The Marriott's executive apartment with an inventory of about 170 rooms are examples of some upcoming projects.
Mumbai
There are five branded serviced apartments in Mumbai, namely,
Taj Wellington Mews,
Lakeside Chalet Marriott Executive Apartments,
Grand Hyatt Residences,
Grand Residences at the Intercontinental Hotel and
the apartments at Best Western called The Emerald.
- average revenue amongst the high-end branded serviced apartments is Rs. 15,670 per unit per night,
-average occupancy is 72.6%.
- branded serviced apartments' category comprises 445 units.
- New projects are in progress,
> Oakwood Apartments, a 62 room serviced apartment project in Juhu.
Hyderabad
There are more than 150 serviced apartments and guest houses in the city with an ARR of Rs.2,500.
The average occupancy in service apartments is around 95% of which almost 40% comprises business travellers.
Upcoming serviced apartment projects are that by Lanco City in Manikonda and Raheja Mindspace in Hitec-City with 120 and 220 apartments respectively.
Pune
-occupancy levels as high as 85-88%.
-8 serviced apartments operational in Pune with an inventory of 391 rooms.
-ARR values are in the range of about Rs.4,000Rs.6,000
- New serviced apartment projects
>Royal Orchid Golden Suites is a 71 room property
>Seasons is another serviced apartment project at Koregaon Park with 23 rooms
>Bel-Air in the same location is a residential apartment-converted into service apartments project.
>Around 7 serviced apartments are proposed with an inventory of 987 rooms, scheduled to be operational by the year 2012.
see the complete report at
http://www.hospemag.com/2009/02/reports-india-hotel-market-review-2008.html