Today, serviced apartments represent around 10 percent of the group’s EMEA portfolio with 45 properties and more than 5,400 units in operation and under development. Radisson Hotel Group operates its serviced apartments as a stand-alone or a mixed-use development in combination with a traditional hotel operation. Serviced apartments will be developed as a brand extension of the existing Radisson Hotel Group’s brand portfolio to cater to the different segments from midscale to luxury.
Elie Younes, executive vice president, Radisson Hotel Group said, “For many years we have explored the strong demand for serviced apartments and extended stay products by recognising it as an attractive risk-adjusted investment proposition that has considerable growth potential. Given its relevance to the current economic climate, this value proposition has recently been further defined in our portfolio, offering a holistic concept with more opportunities for our investors and more possibilities for our guests. We commit to stay relevant to all our stakeholders.”
Radisson Hotel Group’s expansion plan aims to double the portfolio in operation by 2025, recognising the attractive model of either combining both hotel and serviced apartments in one development or as a standalone operation, catering to customers looking for a residential atmosphere when travelling for leisure or on business for a short or longer period of stay.
Building on the significant growth to date in much of the EMEA region, Radisson Hotel Group plans to open soon new serviced apartments units in Paris, Amsterdam, Dubai, Istanbul, Larnaca, Cortina, Cairo and Riyadh, with further openings planned in Germany.