UK: Think Apartments, London’s largest provider of serviced apart-hotel accommodation, has announced record trading results for the period ending September 2013.
Occupancy across the group’s 752 apartments averaged at an annualised rate in excess of 90 per cent, whilst average rate grew by 5.25 per cent.
Chief executive Jim Souter said: “We have seen significant growth in London over the past three years which we attribute partly to a growing awareness of the value and flexibility that the serviced apartment sector provides. Think Apartments operate the latest sales, distribution and revenue management systems enabling us to maximise revenues.”
In addition to acquiring further London locations, the company also announced plans to expand into key cities across the UK.Aberdeen, Edinburgh, Glasgow, Birmingham, Manchester and Liverpool are all target locations for future projects as the company aims to have 2,000 unitrs in its portfolio by 2017.
The company says the move is taking advantage of the additional benefits an apart-hotel development can bring including lower construction and fit-out costs, “future-proofing” with relatively easy conversion to residential and the fact that Think Apartments will take a lease which is attractive to lenders.
www.think-apartments.com</p
