Demand for serviced apartments & serviced accommodation continued to rise in 2019. Many establishments currently (during the COVID-19 crisis) show significantly more positive results than the classic hotel industry!
The hotel and tourism consulting company Michaeler & Partner speaks of a continuing positive market development and occupancy rates of over 70% in Austria, Budapest and Prague in 2019, which means that serviced apartments will remain an exciting segment to watch!
-Please find enclosed the free factsheet of the Market Report 2019 (here
-For the complete Market Report 2019 (57 pages) and expression of interest please write: Roman Kopacek (Managing Director of the Vienna office, here
The market survey is a co-project with Apartmentservice, a consulting company specialized in serviced apartments with focus on Germany.
The surveyed 128 Austrian companies described, among other things, 1-room apartments >30m² as the most popular room size, as well as the tendency to book via online booking portals for short to medium stays. Services such as WLAN in accommodations have become a regular feature (86,2%), along with a parking space (86,2%), but hosts are increasingly refraining from offering breakfast (62,1%).
Budapest & Prague
Budapest with its 96 surveyed companies shows a significantly more optimistic market development in the overall market than the 74 companies in Prague (85,7% vs. 44,4%). This is also reflected in the occupancy rate of 87,4% in Budapest vs. 70,3% in Prague. Both cities offer a wide range of 2-room apartments >40 sqm (offer Prague: 43,3%, Budapest: 50,2%), whereby guests demand very different units. Online booking portals are used for the majority of bookings, although the trend towards short-term bookings is increasing in Budapest (65,0%). Services such as WLAN in accommodations have become a matter of course (100%). Breakfast is also offered in accommodation (Budapest: 66,6% vs. Prague: 55,5%), but only ½ of the Budapest companies surveyed have a parking space (88,9% in Prague).
Michaeler & Partner as a hotel & tourism consulting company based in Vienna and South Tyrol has been supporting companies in different phases in Central, South and Eastern Europe with its three business divisions for decades: Hotel/tourism consulting, project management and project development. Our focus has been on Serviced Apartments for a long time.