According to Colliers International’s MEA Serviced Apartments Market report in October 2016, Doha’s serviced apartments achieved the highest RevPAR across the listed regional markets with 83% occupancy and US $187 ADR levels. The market has more than 3,000 keys, 41% of which are affiliated with an international brand. Jeddah and Dubai are amongst the top performing markets backed with strong occupancy levels, while Kuwait and Manama rely on strong average daily rates.
The two day summit held last week at Fairmont Palm Jumeirah, Dubai included an insight on Serviced Apartments, Extended Stay Hotels, Branded Residences and Short Term Rentals. This annual hospitality conference and exhibition for the sector attracted industry leaders and decision makers to gain a greater understanding of serviced apartments and other extended stay methods by the leaders. With over 11 hours of allocated networking time they were able to welcome delegates, exhibitors, sponsors and speakers collectively providing a vibrant platform for interaction between owners, general managers, operators, investors and service providers.
Cheval Residences Group, a leading London developer, said it has been receiving an overwhelming response from the GCC investors for its serviced apartment projects in the Middle East and UK. The regional investors are keen to capitalise on the region’s growing hospitality market and rising trend of the extended stay model, said senior representatives of Cheval Residences, while speaking at the annual Global Serviced Apartment Summit MEA held in Dubai.