Travel often? Like living in luxury? You won't need to compromise either anymore thanks to the booming luxury extended-stay apartment market. The $2.5 billion niche caters to those who want the space and privacy a hotel can't provide.
"Corporate apartments have three times the space of a hotel suite at a third to 50% less cost," Forbes reported. "They are widely used by professionals in the entertainment and fashion industries who want to keep a low profile, as well as government employees, those who need access to local hospitals and people in the process of moving from one city to another."
Businessmen would be a lot happier moving to a new city if they knew they'd be staying in a luxury apartment instead of an awkward extended hotel stay. It's just a more livable feeling -- they are intended to be second homes -- but with a lot more service!
These luxury apartments can come with 24-hour concierge services, maid, grocery delivery, gyms and personal trainers, on-call chefs, drivers, full kitchens and valet-parking.
But the highlight of this type of lodging is the location. Consider La Reserve in Paris, "Home to duplex and triplex apartments, is located in the 16th arrondissement, known for its chic exclusivity and views of the Eiffel Tower."
Luxurious Lodging
Extended Stay Apartments
Trend Themes
1. Booming Luxury Extended-stay Apartment Market - The luxury extended-stay apartment market is experiencing significant growth, providing an opportunity for disruptive innovation in the hospitality industry.
2. Increased Demand for Corporate Apartments - The demand for corporate apartments is on the rise, creating an opportunity for disruptive innovation in the real estate industry.
3. Focus on Personalized Services and Amenities - Luxury extended-stay apartments are offering personalized services and amenities, opening up opportunities for disruptive innovation in the service industry.
Industry Implications
1. Hospitality - The hospitality industry can capitalize on the growing luxury extended-stay apartment market by providing unique and high-end accommodation options.
2. Real Estate - The real estate industry can tap into the demand for corporate apartments by developing and managing luxury extended-stay properties.
3. Service - The service industry can leverage the trend of personalized services and amenities in luxury extended-stay apartments by offering innovative and customized solutions.