Region. Popularity of serviced apartments

Accor Hotels, Mantra Group, Quest, Meriton and others are represented in the serviced apartment sector of the accommodation category, in Western Sydney. A new report from CBRE Hotels tips the sector to become a much more dominant force in the category. The report highlights two distinct market segments in this sector nationally, leisure seekers and the corporate traveller. Demand from the leisure market has fostered considerable serviced apartment development in tourist markets Currently, domestic customers make up 82 per cent of serviced apartment business. The report highlights that 75 per cent of new traveller accommodation projects, either planned or under construction, will involve serviced apartments, given the current financing constraints on new hotels and the comparative cost benefits of serviced apartment projects.