The Serviced Apartments industry has been the strongest performer in the traveller accommodation market over the last decade. Other accommodation providers, including hotels, resorts and motels, have struggled in the wake of declining domestic tourism, a high Australian dollar and global economic uncertainty; however, the serviced apartments industry has gained market share and grown revenue in all but one of the last ten years. In the five years to 2012-13, IBISWorld expects revenue will increase by an annualised 1.0% to $2.83 billion.
The Serviced Apartments industry comprises establishments that operate self-contained apartments for short-term (one to six nights), medium-term (seven days to one month) and long-term (longer than one month) stays. Serviced apartments contain a kitchen or kitchenette and usually have separate lounge or dining facilities. Serviced apartments are generally cheaper than equivalent hotel rooms due to fewer complex facilities and daily services provided.
The report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecast, growth rates and an analysis of the industry key players and their market shares.