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1、European Serviced Apartments 2024 Investor interest surges as the lines between hospitality and residential blurSPOTLIGHTSavills ResearchSAV I L L S H OT E L SWebsiteSocialStaycity Dublin City Centre4SPOTLIGHTSavills ResearchE U RO PEAN SERVIC E D APARTM E NTS 2 0243Operational outlookWhy serviced a

2、partments?Sector growth and attractionOutlook Serviced Apartments(also known as extended stay;we use both terms interchangeably in this report)have shown robust performance,with KPIs typically above those seen for equivalent hotels.The evolving maturity of the sector means that institutional grade s

3、tock is largely apart-hotel in nature,albeit typical unit sizes and on-site facilities vary depending on the operator/brand.Average annual RevPAR rates between 2021 and 2023 for the UK extended stay sector were 27.5%higher than the hotel average.The sector typically enjoys higher profit margins.Cent

4、ral London properties can achieve net operating profit margins between 45-55%,compared to 30-40%for hotels.The sector recorded nearly 700 million in transactions in 2023,representing 4.7%of total hospitality volumes.Increased consumer awareness,the rise of digital nomads,and the curb on Airbnb in so

5、me markets will support demand and operational performance.Extended stay currently represents a small portion of the total European hospitality market,averaging 6.1%of the total accommodation supply in major cities:there are significant opportunities for development and expansion.Investment activity

6、 to pick up pace in 2025,supported by an increase in stock and continued investor interest.Global hotel groups,such as Hilton and Marriott,are looking to accelerate the rollout of their extended stay concepts,further helping to legitimise the sector.Crossover with co-living and student to become mor

7、e common,albeit expansion will continue to be dominated by specialist extended stay operators/brands.Key pointsLike other parts of the hospitality market,operational performance for the extended stay/Serviced Apartment sector has started to normalise.Year-on-year(YoY)KPI growth for UK Serviced Apart

8、ments started to slow through the course of 2022 and into 2023,with most months in Q4 2023 and Q1 2024 seeing RevPAR growth drift into negative territory,largely driven by London.This is a trend thosewe have seen in the wider hotel market,albeit to a slightly lesser degree.Despite this normalisation

9、 in YoY comparisons,RevPAR remains significantly above 2019 levels,with the differential for UK Serviced Apartments averaging 19%over the first six months of 2024.Enhanced profit potential aided by strong KPIs Fig 1:UK extended stay/serviced apartment operational performance (monthly YoY)Source:Savi

10、lls Research;STR CostarADR YoYSer Apt RevPAR vs 2019Occ YOYYoY change/vs 2019Aug-22Sep-22Oct-22Nov-22Dec-22Jan-23Feb-23Mar-23Apr-23May-23Jun-23Jul-23Aug-23Sep-23Oct-23Nov-23Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24-10%0%10%20%30%40%50%60%65E U RO PEAN SERVIC E D APARTM E NTS 2 024SPOTLIGHTSavills R

11、esearchServiced Apartments marginally outperformed hotels during the pandemic.They were the first to recover,benefiting from increased customer appeal due to the relative isolation they offer.This is evidenced by RevPAR growth between 2021 and 2023,where the three-year CAGR for UK extended stay was

12、40%per annum against the 29%recorded for hotels.This outperformance has since subsided,particularly against London hotels,as international tourism has resumed.As a result,the ten-year CAGR for Serviced Apartments in the UK is 1.2%per annum,a third of that reported for hotels.But,its not solely about

13、 growth,particularly as outperformance can be influenced by growth from a lower base.In terms of actual performance metrics such as occupancy,ADR(average daily rate)and RevPAR(revenue per available room),extended stay averages outperform average hotels.For example,the average annual RevPAR rate betw

14、een 2021 and 2023(inclusive)for the UK extended stay sector was 27.5%higher than the hotel average.Enhanced RevPAR rates are aided by the fact that ADRs in the sector tend to be higher,as unit sizes are larger than the average hotel.Likewise,higher average occupancy has also played a part(see Figure

15、 2).This,coupled with the fact that extended stay operations tend to have lower staffing levels with fewer services,means that operations usually have higher profit margin levels.For example,we would expect a typical block in Central London to have a net operating profit margin in the region of 45-5

16、5%,against a 30-40%margin for an equivalent hotel.The customer base expandsFig 2:UK extended stay/serviced apartment and hotel operational KPIs (3-year average)Source:Savills Research;STR CostarAn expanding customer base and increased concept awareness will continue to support demand.Growing custome

17、r awareness of the sector,helped by Airbnb,has been well documented and is reflected in the anecdotal evidence from operators who have reported an increasing leisure guest share.With a number of European cities introducing legislation to curb the use of traditional residential units for short-term u

18、se,such as Airbnb(Barcelona being the latest to announce a ban),we are likely to see much of that historical Airbnb demand migrate to professional extended stay product such as apart-hotels.This,coupled with the growth in longer-length trips(those in excess of 4+nights),has been critical to driving

19、demand.On average,it would appear that length of stay has been contracting since the early 2000s,helped by growth in budget airlines and the rise in the short city break.However,looking at the top-line average only tells part of the story.Examining the number of trips across different trip lengths s

20、uggests that there is a growing customer segment who are likely to prefer a Serviced Apartment/apart-hotel over a hotel stay due to the home-from-home feel and greater level of space.RevPAROccupancyADRUK HotelsUK Ser AptsLondon HotelsLondon Ser AptsEburgh HotelsEburgh Ser Apts02040608010012014016018

21、02000%90%80%70%60%50%40%30%20%10%Ave ADR/RevPAR(3yr annual ave)Occupancy(3yr annual ave)Fraser Suites Hamburg87E U RO PEAN SERVIC E D APARTM E NTS 2 024SPOTLIGHTSavills ResearchFor example,in London,international visitor trips lasting between four to seven nights and eight to 14 nights reported the

22、strongest growth in the ten years to 2019,at 4.3%and 5.0%per annum respectively(see Figure 3).These trips also account for a sizeable part of the market;nearly half(48%)of all international trips to London in 2019 were for between 4-14 nights,an increase on its 43%share in 2002.This part of the mark

23、et has also been one of the fastest to bounce back following the pandemic.2023 international arrivals staying for four to seven nights reporting trip numbers just 0.3%below 2019 levels,with trips over 15 nights up 2.3%.This is against a backdrop where total international arrivals to London in 2023 w

24、ere 6.6%below 2019 levels.Fig 3:London international tourist arrivals by length of trip Source:Savills Research,ONSThe emergence of new customer segments is also positively feeding into extended stay demand.Post-pandemic,we have seen the emergence of Digital Nomads in response to the growth of agile

25、 working.A recent survey suggests that 28%of employees worldwide work from home either all or most of the time,which is more than double the 10%reported in 2019.An increasing number of these,particularly younger employees,are choosing to travel and work,basing themselves in new countries and cities

26、for long periods.The majority of these trips(55%)last between one to four months(Digital Nomad Report 2023).The top city for Digital Nomads to date in 2024 is London,with 2.3%of all those surveyed globally citing it as a city they visited on their most recent/current trip.European cities represent j

27、ust over half of the top 10 most visited cities worldwide(see Figure 4).The nature of these trips would make extended stay/Serviced Apartments particularly attractive,and anecdotally we have heard from operators that there has been an increase in levels of demand from these types of customers.This g

28、uest segment also has a bearing on the design and facilities offered by operators,with the provision of co-working space now becoming a major feature.Emergence of digital nomads Fig 4:Top 10 most visited cities by digital nomads worldwide 2024 Source:N4-7 nights8-14 nights15+nights4-14 night 10yr CA

29、GR(2009-19)1-3 nights2002200320042005200620072008200920102011201220132014201520162017201820192020202120222023025,000Chiang Mai(Thailand)San Francisco(United States)Amsterdam(Netherlands)Barcelona(Spain)Paris(France)Lisbon(Portugal)Berlin(Germany)New York City(United States)Bangkok(Thailand)London(Un

30、ited Kingdom)20,00015,00010,0005,0003.0%6.0%5.5%5.0%4.5%4.0%3.5%Visits(000s)Ave annual growth 2009-191.1%1.2%1.3%1.5%1.5%1.5%1.5%1.6%2.0%2.3%109E U RO PEAN SERVIC E D APARTM E NTS 2 024SPOTLIGHTSavills ResearchParis and London are the lead markets in Europe in terms of current supply,with more than

31、11,000 units each,reflecting the size of their visitor markets.Based on the committed pipeline(schemes under construction and in final planning and expected to complete by the end of 2028),London is going to overtake Paris as the largest Serviced Apartment market in Europe,with a projected 21%increa

32、se in supply.Other development hotspots include Dublin,with close to 700 units in the development pipeline,reflecting a 34%increase in supply,albeit off a low base.Likewise,Lisbon will see a doubling in supply,also off a low base,with over 500 units in the pipeline.In percentage terms,the increase i

33、n supply is sizeable,but the reality is that extended stay continues to constitute a relatively small,albeit growing,part of overall European hospitality supply.Across Europes largest city markets,extended stay accommodation accounts for an average of 6.1%of total accommodation supply.Paris and Fran

34、kfurt lead with a share of 11.6%and 12.1%,respectively.In London,currently the second biggest extended stay market in supply terms,it makes up a 7.0%share of total accommodation supply.Even in Lisbon,where supply is expected to double,its market share is only 2%.Where are the development hotspots an

35、d opportunities for further expansion?The sectors relatively low hospitality market share means that most markets in Europe continue to offer attractive scope for expansion.This expansion potential is further highlighted when examining current extended stay stock levels relative to the number of int

36、ernational arrival nights where trips are in excess of four nights,as it highlights several markets that remain relatively undersupplied by Serviced Apartments.On this basis,Lisbon and Stockholm stand out as being the most relatively undersupplied.For these markets,extended stay stock nights(stock/u

37、nits multiplied by 365 nights)account for only 1.6%and 2.8%of total nights where trips are longer than four days.Frankfurt,Munich and Dublin are at the other end of the spectrum,albeit these markets still offer room for further expansion,considering the profile of demand and the sectors low market s

38、hare.Even in Paris and London,where stock is over 11,000 units,there is a relative undersupply and an opportunity to capture a greater share of the longer-stay market.The size of the potential opportunity that exists across European markets is likely to be exacerbated by the emergence of co-living a

39、s there is the opportunity for operators to pivot into both demand segments where suitable.Fig 5:Extended stay stock nights as a percentage of total nights in commercial accommodation(trips of 4+nights)Source:Savills Research;Eurostat(Note:the size of the bubble reflects the size of total stock)0%-2

40、,0004,0006,0008,00010,00012,00014,0005%10%15%20%25%30%Stock nights as%of 4+night trip nightsServiced apartment stock(units)LisbonStockholmAmsterdamCopenhagenEdinburghMadridBerlinLondonParisMunichFrankfurtDublinWarsawBrusselsOsloBob W sterbro Copenhagen1211E U RO PEAN SERVIC E D APARTM E NTS 2 024SPO

41、TLIGHTSavills ResearchFig 6:Top 15 Groups in terms of committed Pipeline*in EuropeSource:Savills Research;Company Data(Note*:committed pipeline includes units under construction and in final planning.)The big players continue to drive expansion,but some new names are acceleratingStaycity,one of the

42、biggest operators of extended stay in Europe,is projected to be a leader in terms of stock expansion,with over 2,700 new units already committed.Adagio Aparthotel continues to accelerate its expansion,with over 1,500 new units across 11 locations committed to be delivered.Edyn,with its stable of ext

43、ended stay brands,a former leader when it came to development pipeline,in previous years,still has a sizeable pipeline although this has started to slow as its focus shifts to existing operations ahead of a potential sale.There are,however,some relatively new names in the top 15 when it comes to pip

44、eline.Numa,the digitised hospitality platform,has seen rapid expansion over the last five years,with a known committed pipeline close to 500 units.However,much of Numas recent growth has come from M&A activity rather than development.For example,it acquired YAYS in 2023 and,in July of this year,Nati

45、ve Places.The latter will add 800 units to its portfolio,all of which are in the UK,bringing Numas European portfolio to over 7,300 units.Bob W is also in expansion mode,with the potential to increase current stock by over 4,000 units.Less familiar names featuring in the top 15 in regard to committe

46、d pipeline include Stayery,limehome and Lbere(box opposite provides some additional background).Stayery,like Numa,is a German-based design-and-technology-focused concept,and while it is much smaller(current stock is about a tenth of that of Numa),it has significant growth aspirations,with a committe

47、d pipeline similar in size to its German counterpart.Its not just dedicated serviced apartment brands that are in expansion mode:global hotel group Hilton is making its western European debut with its extended stay brand Home2 Suites in Dublin,following in the footsteps of Marriotts rollout of its R

48、esidence Inn brand.What is clear when looking at recent and future expansion is the growing shift towards digitised lifestyle concepts,many of which are trying to find the sweet spot between a digital customer journey that helps to maximise profits while still delivering a brand experience that enga

49、ges customers and drives demand.The growth of the co-living sector,and the blurring of that with extended stay,is offering operators new ways to grow their customer base and underpin investments.Likewise,extended stay is offering co-living operators a potential avenue to enhance returns,as daily rat

50、es tend to be higher.Typically operate under management contracts.In its last financing round in October 2022,it secured 45 million.Investors have included HV Holtzbrinck Ventures,Lakestar,Picus Capital,AW Rostamani Group,Capital Four,and Global Growth Capital.LI M EHOM ETotal no.of locations:c.125T

51、otal no.of units:c.2,000STAYERYTotal no.of locations:12Total no.of units:c.500LI B ER ETotal no.of locations:16 Total no.of units:c.460Currently operating exclusively in Germany,with a preference for long-term commercial leases,typically lasting 15 years with an option to extend.At present operating

52、 solely in Spain,but has plans to expand into Portugal and acquire assets across Europe.The brand is interested in both commercial and residential properties and has raised 6m to fund new acquisitions.StaycityAdagio AparthotelEdynMarriottStayeryNumaAcora Hotel&WohnenAscottLimehomeHiltonLamington Gro

53、upSupercityIHGRotana05001,0001,5002,0002,5003,000024681012141618KeysLocationsNo.of LocationsKeysLbere1413E U RO PEAN SERVIC E D APARTM E NTS 2 024SPOTLIGHTSavills ResearchEuropean extended stay transaction volumes totalled close to 700 million in 2023,only 4.7%of total volumes in the wider hospitali

54、ty space.Although activity was dwarfed by hotel investment,it did fare better when it came to annual comparisons,considering the wider slowing in the investment market.Volumes in 2023 were 1.3%down YoY and 17.2%below 2019 levels.By contrast,transaction volumes for the wider hospitality market were d

55、own 18%and 44%,respectively,over the same periods.While investment activity has been relatively challenged,as has been the case for the wider market,its appeal to investors has improved.In Savills latest European Living Investor Sentiment Survey,30%of respondents cited that they were targeting Europ

56、ean extended stay/Serviced Apartments over the next three years,ranking it sixth out of 15 living sectors covered,and ranking higher as a target than some more traditional parts of the hospitality sector.This may,however,reflect the fact that investors already have a greater exposure to hotels than

57、extended stay.The sectors increasing appeal to investors may be due to its typically higher profit margins,all the more attractive considering the rise in debt costs and greater lender scrutiny on debt serviceability.For example,depending on the market,profit levels can be 10-20%higher than comparab

58、le hotels.Likewise,greater consumer awareness,strong future demand fundamentals and the blurring with co-living in some cases have all combined to move the sector up the wish list for investors.Its KPIs relative to more established bed asset classes,such as Hotels and PBSA(purpose-built student acco

59、mmodation),are also helping to underpin investor interest(see Table 1).Investment market outlookInvestor interest in the extended stay sector has increased,but the lack of investable stock remains a significant challengeTable 1:Indicative KPIs based on average FY 2023 performance in London Source:Sa

60、vills Research,STR Costar(Note*:Margin noted for extended stay is reflective of Aparthotel.For more traditional Serviced Apartments the margin would typically range between 55-65%.Yet,increased investor interest is only half of the story.Without high quality investable stock available these aspirati

61、ons cannot be realised,and this remains a major barrier as the sector is still in growth mode.As a result,we have seen investors and owner-operators look to op-co/prop-co platform acquisitions as this provides a much faster route to stock expansion as opposed to single asset acquisitions and develop

62、ment.Numa has been particularly active in this regard,purchasing the YAYS portfolio in Q4 2023 and in July of this year Native Places.The latter acquisition will provide Numa with 800 units in the UK,and as with the YAYS purchase,gives them immediate exposure to new markets.Looking forward,we expect

63、 there to be further consolidation in the sector over the next twelve months.In regard to real estate transactions,these are likely to remain relatively muted over the remainder of 2024 as debt costs and lack of product weigh on activity.We expect this will improve in 2025,helped in part by a number

64、 of portfolios coming to the market and a further softening in debt costs.London ExampleOccupancyADRMarginExtended Stay81%19545-55%*Hotel80%21030-40%PBSA99%6075-85%700 millionWas invested in European extended stay in 2023Atelier House,London by City Apartments LimitedE U RO PEAN SERVIC E D APARTM E

65、NTS 2 024SPOTLIGHTSavills Research1615OutlookNormalisation in operational performance to continue;growth to return in Q4 2024Softening in headline RevPAR YoY comparisons across the more mature city markets,such as London,to continue into Q3 2024 with RevPAR rates to remain ahead of 2019 levels.Growt

66、h to return in Q4 supported by strong demand fundamentals.Blurring with Co-living and Student to intensifySubject to local market regulation and operator business models,we are likely to see the increasing emergence of blurred concepts that can pivot into extended stay,Co-living and Student demand.T

67、he ability to tap into extended stay demand has the potential to enhance overall returns and mitigate the effects of low-demand periods for other segments and vice versa.Large hotel groups to accelerate the rollout of their extended stay conceptsThe major global hotel groups will continue to roll ou

68、t their extended stay concepts in Europe,further helping to legitimise the sector.However,it will be the dedicated extended stay groups and brands that will continue to be the primary driver of stock expansion.Heightened investor interest to continue with transaction volumes to improve in 2025The gr

69、owth fundamentals and typically better profit margins will continue to elevate investor interest.This,coupled with a number of portfolios likely to come to the market over the next twelve months,suggests an improvement in transaction activity in 2025.Home2 Suites by Hilton Dublin City Centre Opening

70、 2025E U RO PEAN SERVIC E D APARTM E NTS 2 024SPOTLIGHTSavills ResearchSavills plc is a global real estate services provider listed on the London Stock Exchange.We have an international network of more than 600 offices and associates throughout the Americas,the UK,continental Europe,Asia Pacific,Afr

71、ica and the Middle East,offering a broad range of specialist advisory,management and transactional services to clients all over the world.This report is for general informative purposes only.It may not be published,reproduced or quoted in part or in whole,nor may it be used as a basis for any contra

72、ct,prospectus,agreement or other document without prior consent.While every effort has been made to ensure its accuracy,Savills accepts no liability whatsoever for any direct or consequential loss arising from its use.The content is strictly copyright and reproduction of the whole or part of it in a

73、ny form is prohibited without written permission from Savills Research.Savills ResearchA dedicated team with an unrivalled reputation for producing insightful analysis,research and commentary across all property sectors throughout the UK,Europe,Americas,Asia Pacific,Africa,India and the Middle East.

74、Tim StoyleHead of UK Hotels+44(0)7870 555 Savills Hotels Savills Hotels is part of a 150-person strong division that has advised on over 20 billion of transactions in the past 2 years.Our experts deliver leading transactional,financing,consultancy and valuation services to clients in the Hotels,Serv

75、iced Apartments,Hostels and Resorts sectors around the world.We combine local market intelligence,leading research,deep real estate expertise and sophisticated structuring and financing capabilities,with Corporate Finance and Debt Advisory specialists embedded across the division.Richard DawesDirect

76、or,Hotel Capital Markets+44(0)7580 789 Rob StapletonHead of Hotel Capital Markets+44(0)7972 000 James BradleyDirector,Hotel Valuations+44(0)7972 000 ITALY:Dario LeoneHead of Hospitality&Leisure+39 02 632 8141+39 335 583 4151dario.leonesavills.itNETHERLANDS:Bas WilbertsDirector+31(0)20 301 2000+31(0)

77、6 5547 4960b.wilbertssavills.nlIRELAND:Tom BarrettHead of Ireland Hotels+353 1 618 1415+353 86 989 9808tom.barrettsavills.ieSPAIN:Juan Garnica Head of Spain Hotels+34 91 319 1314+34 61 644 3469juan.garnicasavills.esMarie HickeyDirector+44(0)7791 154 Emmeline BlellockAnalyst+44(0)2033 208 Phoenix ChowAssociate Director,Hotel Capital Markets+44(0)7812 249