Industry Benchmark
By Mark Harris
Regional Analysis
Europe (excluding UK)
| Brands | Properties | Units | Locations |
| |
| Accor | | | |
| Suitehotel | 20 | 2,566 | Germany, Austria, Switzerland - 6 hotels |
| | | | France - 14 hotels |
| Adagio* | 16 | 2,300 | France and Italy |
| |
| Ascott Group | | | |
| Ascott | 45 | 4,944 | France - 3,522 units |
| Somerset | | | UK - 851 units |
| Citadines Belgium | | | 322 units, Spain 131units |
| | | | Germany - 118 units |
| |
| Fraser Hospitality | | | |
| Fraser Suites | 8 | 633 | London, Paris |
| Fraser Place | | | |
| Fraser Residence | | | |
| |
| Marriott | | | |
| Executive Apartments | 4 | 265 | London, Budapest, Prague, Brussels |
| |
| Orco Group | | | |
| MaMaison | 4 | 144 | Bratislava, Prague, Warsaw, Budapest |
| |
| Prem Group | | | |
| Premier Apartments | 12 | 600 | UK, Dublin, Antwerp |
| Premier Suites | | | |
| |
| Toga Hospitality | | | |
| Adina Apartments | 3 | 350 | Copenhagen, Budapest, Berlin |
* In a joint venture with Pierre & Vacances
Source: HVS Research
| Factor | Full Service | Extended Stay |
| Number of units | 100 | 100 |
| Occupancy | 70% | 75% |
| Average Rate (€)* | 100 | 100 |
| Room Nights Sold | 25,550 | 27,375 |
| DOF | 1.3 | 1.3 |
| Length of Stay | 2 days | 10 days |
| Room Revenue(€) | 2,555,000 | 2,737,500 |
| F & B Revenue | higher | lower |
| Total Revenue | higher | |
| Operating Expenses | 45-65% | 25-45% |
| GOP (Gross Operating Profit) | 25-45% | 45-65% |
* The difference between the full service and the extended stay product is highly
dependent on market conditions
Source: HVS Research
Although the serviced apartment sector
in Europe is relatively small compared to
the US market, it is growing at an ever
faster pace. In addition to global players
such as Marriott Executive Apartments
and Singapore-based Ascott Group, some
local players such as Adina Apartments
and MaMaison Residences have emerged.
Adina has set up its first hotels in
Copenhagen and Budapest, and is now
actively looking into the German market,
with two definite projects in the pipeline
to challenge Derag's market-leading
position with over 3,000 apartments.
MaMaison, owned by the Orco Group,
has a portfolio of full service hotels and
extended stay residences in central and
Eastern Europe.
Accor has developed dedicated extended
stay products in Europe; the company is
expanding strongly in Europe with the
Suitehotel brand and the Pierre & Vacances
joint venture Adagio. The latter will see
22midscale and upscale properties
developed, and by 2012 the companies
expect to have 50 hotels (6,500 apartments)
in operation, with the joint venture
managing some €180m.
The Ascott Group operates three distinct
brands to capitalise on different target
markets: the exclusive Ascott, the upscale
Somerset and the mid-market, familyoriented
Citadines. And when Staybridge
opened their first European externded
stay hotel in Liverpool, this marked the
first in a planned 14 openings across the
EMEA region to take the chain to a
targeted 180 properties worldwide.