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Branded Serviced Apartments and Extended Stay - December 2018

“European serviced-apartment capacity is on the cusp of a major expansion. Consolidation in the sector is likely to continue, as it creates economies of scale and offers a way to rapidly expand a group’s network. The leisure market for branded long-stay accommodation will be increasingly targeted as a growth segment by operators. Multi-branded developments, including serviced apartments and extended-stay hotels, constitute an ongoing trend, which is set to continue. Stricter segmentation of long-stay accommodation is likely to take hold more markedly in regions outside the mature US market. And finally the serviced-apartment sector is going to take on the characteristics of the conventional hotel sector in terms of distribution and asset management structures.”
- Jessica Kelly, Senior Tourism Analyst

This Report looks at the following areas:

  • Who are the main players in the serviced-apartment and extended-stay accommodation sector?
  • How is the market for serviced-apartment and extended-stay accommodation evolving by major world region?
  • What is the trend in distribution channels for serviced apartments and extended-stay accommodation?
  • How much impact does the sharing economy (such as Airbnb) have on the sector? 
  • How segmented is the market for serviced apartment and extended-stay accommodation?
  • What is the impact of regulatory/planning controls on the sector?

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Table of contents

  1. Introduction

      • A question of vocabulary?
      • Key Findings

        • Data Sources

          • Abbreviations

            • Issues in the Market

                • Airbnb entering the serviced-apartment sector
                  • GDPR (Global Data Protection Regulation)
                    • Major chains offer short-term rentals
                      • Oversupply developing in some markets
                        • Regulation/planning controls
                        • Global Summary

                            • Demographic outlook
                              • Figure 1: Outlook for world population growth by region & category of country, 2015-40
                            • Population growth by age cohort
                              • Figure 2: Outlook for world population growth by age cohort, region & category of country, 2015-40
                            • GDP growth
                              • Global growth outlook downgraded
                                • Trade-war risk
                                  • Figure 3: Overview of the IMF’s World Economic Outlook projections (% change, unless noted otherwise), October 2018 update
                                • Inflation outlook
                                  • Figure 4: Inflation (y-on-y % change), 2016-19
                                • Short-term interest rates
                                  • Figure 5: Central bank interest rates (%), 2016-19
                                • Long-term interest rates
                                  • Figure 6: 10-year government bond interest rates (%), 2016-19
                                • Exchange-rate forecasts
                                  • Overly optimistic on the Pound
                                    • Emerging-market currencies to stabilise
                                      • Figure 7: Exchange-rate forecasts for 3 & 12 months from 12 September 2018
                                    • Outlook for spending on travel and tourism
                                      • Figure 8: Spending on travel & tourism worldwide*, 2017 & 2028
                                    • Africa
                                      • Figure 9: Spending on travel & tourism in Africa*, 2017 & 2028
                                    • North Africa
                                      • Figure 10: Spending on travel & tourism in North Africa*, 2017 & 2028
                                    • Sub-Saharan Africa
                                      • Figure 11: Spending on travel & tourism in Sub-Saharan Africa*, 2017 & 2028
                                    • Asia Pacific
                                      • Figure 12: Spending on travel & tourism in Asia Pacific*, 2017 & 2028
                                    • North East Asia
                                      • Figure 13: Spending on travel & tourism in North East Asia*, 2017 & 2028
                                    • Oceania
                                      • Figure 14: Spending on travel & tourism in Oceania*, 2017 & 2028
                                    • South Asia
                                      • Figure 15: Spending on travel & tourism in South Asia*, 2017 & 2028
                                    • South East Asia
                                      • Figure 16: Spending on travel & tourism in South East Asia*, 2017 & 2028
                                    • Americas
                                      • Figure 17: Spending on travel & tourism in Americas*, 2017 & 2028
                                    • Latin America
                                      • Figure 18: Spending on travel & tourism in Latin America*, 2017 & 2028
                                    • North America
                                      • Figure 19: Spending on travel & tourism in North America*, 2017 & 2028
                                    • Europe
                                      • Figure 20: Spending on travel & tourism in Europe*, 2017 & 2028
                                    • Middle East
                                      • Figure 21: Spending on travel & tourism in Middle East*, 2017 & 2028
                                  • Airbnb Entering the Serviced-apartment Sector

                                      • Airbnb’s business-travel programme
                                        • ‘Business Travel Ready’ requirements
                                          • BTR only partially closes the gap with hotels
                                            • Rapid growth from a small base
                                              • Targeting Millennial ‘bleisure’ travellers
                                                • Figure 22: Top 10 cities for business trips on Airbnb, 2017
                                              • Employees can book business travel for co-workers on Airbnb
                                                • BridgeStreet tie-up
                                                  • How the partnership works
                                                    • Concur relationship
                                                      • Airbnb listings appear alongside those of major chains
                                                        • Concur hardly a start-up
                                                          • Airbnb – A significant player in corporate travel?
                                                            • Airbnb integrated into TMCs
                                                              • Airbnb still far from mainstream in corporate travel
                                                                • Less than 1.36% of US business-travel lodging expenses
                                                                  • Airbnb’s Luxury Retreats acquisition
                                                                    • An upgraded service offering
                                                                      • Airbnb Lux?
                                                                        • Fancier properties and a more upmarket clientele…
                                                                          • …but possibly more competition
                                                                            • Higher margins and less regulatory issue
                                                                              • Still a highly fragmented market
                                                                                • Premium rentals
                                                                                  • Hosts to behave more like hotel employees
                                                                                    • Airbnb Plus launched
                                                                                      • Hotels welcome
                                                                                        • A luxury tier?
                                                                                          • Host requirements for Airbnb Plus
                                                                                            • Comparison of Airbnb Plus with hotels
                                                                                              • Figure 23: Comparison of Airbnb Plus with hotels, 2018
                                                                                            • A worrying development for hotels and serviced apartments?
                                                                                              • A question-mark regarding supply
                                                                                                • Airbnb service companies
                                                                                                  • Relationship to Airbnb often not clear
                                                                                                    • The Airbnb service ecosystem
                                                                                                      • Figure 24: Airbnb service companies by type of service offered, 2018
                                                                                                    • FlyCleaners
                                                                                                      • properly
                                                                                                        • Figure 25: Details of properly’s contract offers, 2018
                                                                                                      • Guesty
                                                                                                        • Urban Bellhop
                                                                                                          • Figure 26: Bellhop services & pricing, 2018
                                                                                                        • FIBARO
                                                                                                          • Lockitron
                                                                                                            • SkyBell
                                                                                                              • KeyCafe
                                                                                                                • Guesthop
                                                                                                                  • Beyond Pricing
                                                                                                                    • PriceLabs provides revenue management services
                                                                                                                      • Figure 27: PriceLab’s price list for its revenue management services, 2017
                                                                                                                    • Guest services
                                                                                                                      • HomeAway has formalised relationships with service providers
                                                                                                                        • More segmentation in accommodation rental
                                                                                                                          • Amenity-driven peer-to-peer rentals
                                                                                                                            • Harnessing personal networks for holiday rentals
                                                                                                                              • How does it work?
                                                                                                                                • Funding and business model
                                                                                                                                  • The need to scale rapidly
                                                                                                                                    • Airbnb making strides in Chinese market
                                                                                                                                      • Tujia.com
                                                                                                                                        • How Tujia differs from Airbnb
                                                                                                                                          • Trust is a big issue
                                                                                                                                            • Property management frequently outsourced
                                                                                                                                              • Vertically integrating the supply chain
                                                                                                                                                • Mayi.com acquisition
                                                                                                                                                  • Regulation
                                                                                                                                                    • Outlook
                                                                                                                                                      • Overseas expansion
                                                                                                                                                      • GDPR (Global Data Protection Regulation)

                                                                                                                                                          • Penalties for non-compliance
                                                                                                                                                            • ‘Opting out’ function a necessity
                                                                                                                                                              • Implications for lodging establishments
                                                                                                                                                                • Training is important
                                                                                                                                                                  • Already PCI DSS (Payment Card Industry Data Security Standard) compliant?
                                                                                                                                                                  • Major Chains Offer Short-term Rentals

                                                                                                                                                                      • AccorHotels has embraced sharing economy
                                                                                                                                                                        • Investment in Squarebreak & Oasis
                                                                                                                                                                          • onefinestay
                                                                                                                                                                            • Figure 28: onefinestay’s properties by type of location, 2018
                                                                                                                                                                          • Onefinestay’s ‘Higher Living’ concierge programme
                                                                                                                                                                            • Accor has launched JO&JOE
                                                                                                                                                                              • Development has been slow
                                                                                                                                                                                • Both locals and travellers targeted
                                                                                                                                                                                  • Accor acquires John Paul concierge services
                                                                                                                                                                                    • AccorHotels buys Travel Keys
                                                                                                                                                                                      • Travel Keys & Squarebreak united under the onefinestay brand
                                                                                                                                                                                        • Choice holiday homes
                                                                                                                                                                                          • Only professionally managed inventory
                                                                                                                                                                                            • Maxxton acquired
                                                                                                                                                                                              • Roommate/Be Mate
                                                                                                                                                                                                • Only the best chosen
                                                                                                                                                                                                  • Location and booking
                                                                                                                                                                                                    • Hotel services available
                                                                                                                                                                                                      • A viable model?
                                                                                                                                                                                                        • Marriott launches Tribute Portfolio Homes
                                                                                                                                                                                                          • Hostmaker
                                                                                                                                                                                                            • Marriott expands homesharing in Europe
                                                                                                                                                                                                              • Dusit Thani moves into luxury rentals
                                                                                                                                                                                                              • Oversupply Developing in Some Markets

                                                                                                                                                                                                                • Regulation/Planning Controls

                                                                                                                                                                                                                    • ‘Right to rent’ checks for landlords in England
                                                                                                                                                                                                                      • Deregulation Act of 2015
                                                                                                                                                                                                                      • Market Overview by Major World Region

                                                                                                                                                                                                                          • Africa
                                                                                                                                                                                                                            • Current projects
                                                                                                                                                                                                                              • Marriott Executive Apartments in Lagos
                                                                                                                                                                                                                                • Ascott in Acrra
                                                                                                                                                                                                                                  • AccorHotels in Abidjan
                                                                                                                                                                                                                                    • Minor Hotels in Tunis
                                                                                                                                                                                                                                      • Asia
                                                                                                                                                                                                                                        • Ascott’s China push
                                                                                                                                                                                                                                            • Figure 29: Leading serviced-apartment brands in Asia, 2018
                                                                                                                                                                                                                                          • Europe
                                                                                                                                                                                                                                            • Figure 30: Leading serviced-apartment/extended-stay brands in Europe, 2018
                                                                                                                                                                                                                                            • Figure 31: Product types for operators in HVS survey, 2018
                                                                                                                                                                                                                                          • Recent performance
                                                                                                                                                                                                                                            • More asset-light structures
                                                                                                                                                                                                                                              • Figure 32: Operating models used by serviced-apartment operators in Europe , 2018
                                                                                                                                                                                                                                            • Common terms and conditions
                                                                                                                                                                                                                                              • Figure 33: Common terms & conditions for management, lease & franchise contracts in Europe, 2018
                                                                                                                                                                                                                                            • New concepts and updates
                                                                                                                                                                                                                                              • Operators’ main challenges
                                                                                                                                                                                                                                                • Figure 34: Serviced-apartment operators’ main challenges in Europe, 2018
                                                                                                                                                                                                                                              • Targeted markets for expansion
                                                                                                                                                                                                                                                • Operators’ expansion plans
                                                                                                                                                                                                                                                  • European pipeline by country
                                                                                                                                                                                                                                                    • Figure 35: Serviced-apartment pipeline units by European country, 2018
                                                                                                                                                                                                                                                  • Germany, a strong growth market
                                                                                                                                                                                                                                                      • Figure 36: Top 5 serviced-apartment operators in Germany, 2017
                                                                                                                                                                                                                                                    • UK
                                                                                                                                                                                                                                                      • Aparthotel JV in UK
                                                                                                                                                                                                                                                        • European pipeline by brand
                                                                                                                                                                                                                                                          • Figure 37: European serviced-apartment pipeline by brand (units), 2018
                                                                                                                                                                                                                                                        • StayCity
                                                                                                                                                                                                                                                          • SACO
                                                                                                                                                                                                                                                            • Adina
                                                                                                                                                                                                                                                              • Detailed European pipeline by individual property
                                                                                                                                                                                                                                                                • Figure 38: Detailed serviced-apartment pipeline in Europe by property, 2018-19
                                                                                                                                                                                                                                                                • Figure 39: Detailed serviced-apartment pipeline in Europe by property, 2019-20
                                                                                                                                                                                                                                                                • Figure 40: Detailed serviced-apartment pipeline in Europe by property, 2020-21
                                                                                                                                                                                                                                                              • Transactions and merger & acquisition activity
                                                                                                                                                                                                                                                                • Single-asset transactions
                                                                                                                                                                                                                                                                  • Figure 41: Recent single-asset serviced-apartment transactions in Europe (€), 2017-18
                                                                                                                                                                                                                                                                • Latin America
                                                                                                                                                                                                                                                                  • Mexico
                                                                                                                                                                                                                                                                    • Major extended-stay/serviced-apartment groups entering the market
                                                                                                                                                                                                                                                                      • Rates
                                                                                                                                                                                                                                                                        • Middle East
                                                                                                                                                                                                                                                                          • Figure 42: Number of keys & share of internationally branded supply in GCC serviced-apartment markets, October 2017
                                                                                                                                                                                                                                                                        • Unit sizes
                                                                                                                                                                                                                                                                          • Figure 43: Leading branded serviced-apartment operators in the Middle East, 2018
                                                                                                                                                                                                                                                                        • US and Canada
                                                                                                                                                                                                                                                                          • Figure 44: Leading extended-stay/serviced-apartment brands & operators in the US & Canada, 2018
                                                                                                                                                                                                                                                                        • Franchise fees
                                                                                                                                                                                                                                                                          • Figure 45: Franchise fees* for extended-stay brands operating in the US market, 2014
                                                                                                                                                                                                                                                                        • JD Power guest satisfaction rankings
                                                                                                                                                                                                                                                                          • Upscale brand rankings
                                                                                                                                                                                                                                                                            • Figure 46: JD Power rankings for North American midscale extended-stay brands, 2018
                                                                                                                                                                                                                                                                          • Midscale brand rankings
                                                                                                                                                                                                                                                                            • Figure 47: JD Power rankings for North American midscale extended-stay brands, 2018
                                                                                                                                                                                                                                                                          • BTN survey rankings
                                                                                                                                                                                                                                                                            • Upscale extended stay
                                                                                                                                                                                                                                                                              • Figure 48: BTN’s survey of upscale extended-stay hotels (rating scale of 1 to 6), 2018
                                                                                                                                                                                                                                                                            • Midscale extended stay
                                                                                                                                                                                                                                                                                • Figure 49: BTN’s survey of midscale extended-stay hotels (rating scale of 1 to 6), 2018
                                                                                                                                                                                                                                                                              • Corporate housing market
                                                                                                                                                                                                                                                                                • Canada
                                                                                                                                                                                                                                                                                  • Figure 50: Trend in the ADR (US$) for Canadian corporate housing, 2007-17
                                                                                                                                                                                                                                                                                  • Figure 51: Trend in occupancy for Canadian corporate housing (%), 2007-17
                                                                                                                                                                                                                                                                                  • Figure 52: Average length of stay in Canadian corporate housing, 2007-17
                                                                                                                                                                                                                                                                                  • Figure 53: Travel purpose for clients in Canadian corporate housing in 2017 (%)
                                                                                                                                                                                                                                                                                  • Figure 54: Guest profile by industry sector in Canadian corporate housing, %, 2017
                                                                                                                                                                                                                                                                                • US
                                                                                                                                                                                                                                                                                  • Figure 55: Trend in ADR (US$) for US corporate housing, 1999-2017
                                                                                                                                                                                                                                                                                  • Figure 56: Trend in occupancy for US corporate housing (%), 2007-17
                                                                                                                                                                                                                                                                                  • Figure 57: Trend in capacity of US corporate housing (number of units), 1999-2017
                                                                                                                                                                                                                                                                                  • Figure 58: Average length of stay in US corporate housing, 1999-2017
                                                                                                                                                                                                                                                                                  • Figure 59: Travel purpose for clients staying in US corporate housing, % 2017
                                                                                                                                                                                                                                                                                  • Figure 60: Guest profile by industry sector in US corporate housing, %, 2017
                                                                                                                                                                                                                                                                              • Distribution

                                                                                                                                                                                                                                                                                    • Figure 61: Serviced-apartment booking channels 2015/16-2016/17
                                                                                                                                                                                                                                                                                  • OTAs
                                                                                                                                                                                                                                                                                    • Booking.com
                                                                                                                                                                                                                                                                                      • Booking.com’s new products for professional short-term rentals
                                                                                                                                                                                                                                                                                        • BridgeStreet
                                                                                                                                                                                                                                                                                          • BridgeStreet’s brands
                                                                                                                                                                                                                                                                                            • Mode Aparthotel launched in Paris
                                                                                                                                                                                                                                                                                              • BridgeStreet’s OTA
                                                                                                                                                                                                                                                                                                • BridgeStreet adds hostels and holiday rentals
                                                                                                                                                                                                                                                                                                  • The impact of Airbnb
                                                                                                                                                                                                                                                                                                    • Expedia
                                                                                                                                                                                                                                                                                                      • WWStay, an extended-stay specialist
                                                                                                                                                                                                                                                                                                        • Social media
                                                                                                                                                                                                                                                                                                          • Figure 62: Top performing serviced-apartment brands by social-media followers, 2018
                                                                                                                                                                                                                                                                                                          • Figure 63: Instagram – Brands with biggest % increase in followers & posts, 2016 vs 2018
                                                                                                                                                                                                                                                                                                          • Figure 64: Instagram – Top brands by followers & % increase from 2016 to 2018
                                                                                                                                                                                                                                                                                                      • Top 15 Major Players

                                                                                                                                                                                                                                                                                                          • Figure 65: Serviced-apartment & extended-stay branded operators ranked by number of units, 2016/17-2018/19
                                                                                                                                                                                                                                                                                                      • Marriott

                                                                                                                                                                                                                                                                                                          • SWOT analysis
                                                                                                                                                                                                                                                                                                            • Strengths
                                                                                                                                                                                                                                                                                                              • Weaknesses
                                                                                                                                                                                                                                                                                                                • Opportunities
                                                                                                                                                                                                                                                                                                                  • Threats
                                                                                                                                                                                                                                                                                                                    • Overview
                                                                                                                                                                                                                                                                                                                      • Brands
                                                                                                                                                                                                                                                                                                                        • Figure 66: Marriott’s serviced-apartment & extended-stay portfolio by brand & region, 31 December 2017
                                                                                                                                                                                                                                                                                                                      • Marriott Executive Apartments
                                                                                                                                                                                                                                                                                                                        • Marriott Rewards
                                                                                                                                                                                                                                                                                                                          • Residence Inn by Marriott
                                                                                                                                                                                                                                                                                                                            • Suites
                                                                                                                                                                                                                                                                                                                              • One bedrooms
                                                                                                                                                                                                                                                                                                                                • Two bedrooms
                                                                                                                                                                                                                                                                                                                                  • Penthouses
                                                                                                                                                                                                                                                                                                                                    • TownePlace Suites by Marriott
                                                                                                                                                                                                                                                                                                                                      • Current developments
                                                                                                                                                                                                                                                                                                                                        • Recent performance at Residence Inn
                                                                                                                                                                                                                                                                                                                                          • Figure 67: Performance of Residence Inn properties in North America, 2016-17
                                                                                                                                                                                                                                                                                                                                      • The Ascott Ltd (including Quest Apartment Hotels)

                                                                                                                                                                                                                                                                                                                                          • SWOT analysis
                                                                                                                                                                                                                                                                                                                                            • Strengths
                                                                                                                                                                                                                                                                                                                                              • Weaknesses
                                                                                                                                                                                                                                                                                                                                                • Opportunities
                                                                                                                                                                                                                                                                                                                                                  • Threats
                                                                                                                                                                                                                                                                                                                                                    • Overview
                                                                                                                                                                                                                                                                                                                                                      • Ascott Residence Trust
                                                                                                                                                                                                                                                                                                                                                        • Brands
                                                                                                                                                                                                                                                                                                                                                          • Ascott The Residence
                                                                                                                                                                                                                                                                                                                                                            • Citadines Apart’Hotel
                                                                                                                                                                                                                                                                                                                                                              • Somerset Serviced Residence
                                                                                                                                                                                                                                                                                                                                                                • Quest Apartment Hotels
                                                                                                                                                                                                                                                                                                                                                                  • The Crest Collection
                                                                                                                                                                                                                                                                                                                                                                    • Lyf
                                                                                                                                                                                                                                                                                                                                                                      • CapitaLand’s serviced-residence portfolio
                                                                                                                                                                                                                                                                                                                                                                        • Figure 68: Summary of CapitaLand’s serviced-residence capacity by country at 31 December 2017
                                                                                                                                                                                                                                                                                                                                                                      • Australia
                                                                                                                                                                                                                                                                                                                                                                          • Figure 69: CapitaLand’s serviced-residence portfolio in Australia & Belgium at 31 December 2017
                                                                                                                                                                                                                                                                                                                                                                        • China
                                                                                                                                                                                                                                                                                                                                                                          • Figure 70: CapitaLand’s serviced-residence portfolio in China at 31 December 2017
                                                                                                                                                                                                                                                                                                                                                                        • France
                                                                                                                                                                                                                                                                                                                                                                          • Figure 71: CapitaLand’s serviced-residence portfolio in France & Germany at 31 December 2017
                                                                                                                                                                                                                                                                                                                                                                          • Figure 72: CapitaLand’s serviced-residence portfolio in India, Indonesia & Ireland at 31 December 2017
                                                                                                                                                                                                                                                                                                                                                                        • Japan
                                                                                                                                                                                                                                                                                                                                                                          • Figure 73: CapitaLand’s serviced-residence portfolio in Japan at 31 December 2017
                                                                                                                                                                                                                                                                                                                                                                          • Figure 74: CapitaLand’s serviced-residence portfolio in Malaysia, Philippines, Singapore & Spain at 31 December 2017
                                                                                                                                                                                                                                                                                                                                                                        • Thailand and the UK
                                                                                                                                                                                                                                                                                                                                                                          • Figure 75: CapitaLand’s serviced-residence portfolio in Thailand, United Arab Emirates & the UK at 31 December 2017
                                                                                                                                                                                                                                                                                                                                                                        • US and Vietnam
                                                                                                                                                                                                                                                                                                                                                                          • Figure 76: CapitaLand’s serviced-residence portfolio in the US & Vietnam at 31 December 2017
                                                                                                                                                                                                                                                                                                                                                                        • Current developments
                                                                                                                                                                                                                                                                                                                                                                          • Growth objectives raised
                                                                                                                                                                                                                                                                                                                                                                            • Technological enhancements yield greater efficiency
                                                                                                                                                                                                                                                                                                                                                                              • Ascott acquires Tauzia, Indonesia’s leading hotel operator
                                                                                                                                                                                                                                                                                                                                                                                • Ascott already present in Indonesia
                                                                                                                                                                                                                                                                                                                                                                                  • Hong Kong Citadines development sold
                                                                                                                                                                                                                                                                                                                                                                                    • Ascott’s ties with leading Asian developers to boost pipeline
                                                                                                                                                                                                                                                                                                                                                                                      • China
                                                                                                                                                                                                                                                                                                                                                                                        • Japan
                                                                                                                                                                                                                                                                                                                                                                                          • Thailand
                                                                                                                                                                                                                                                                                                                                                                                            • Leveraging strategic partners and corporate clients
                                                                                                                                                                                                                                                                                                                                                                                            • Hilton Worldwide

                                                                                                                                                                                                                                                                                                                                                                                                • SWOT analysis
                                                                                                                                                                                                                                                                                                                                                                                                  • Strengths
                                                                                                                                                                                                                                                                                                                                                                                                    • Weaknesses
                                                                                                                                                                                                                                                                                                                                                                                                      • Opportunities
                                                                                                                                                                                                                                                                                                                                                                                                        • Threats
                                                                                                                                                                                                                                                                                                                                                                                                          • Overview
                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 77: Hilton’s extended-stay brands, 31 December 2017
                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 78: Hilton’s extended-stay portfolio by brand, location & asset management structure, 31 December 2017
                                                                                                                                                                                                                                                                                                                                                                                                          • Brands
                                                                                                                                                                                                                                                                                                                                                                                                            • Homewood Suites by Hilton
                                                                                                                                                                                                                                                                                                                                                                                                              • Home2 Suites by Hilton
                                                                                                                                                                                                                                                                                                                                                                                                                • Current developments
                                                                                                                                                                                                                                                                                                                                                                                                                  • All Suites brands by Hilton open 34 properties in Q2 2018
                                                                                                                                                                                                                                                                                                                                                                                                                    • Notable openings
                                                                                                                                                                                                                                                                                                                                                                                                                      • Newly signed deals
                                                                                                                                                                                                                                                                                                                                                                                                                        • A tri-branded property in Chicago
                                                                                                                                                                                                                                                                                                                                                                                                                          • Hilton extended stay’s modular construction debut
                                                                                                                                                                                                                                                                                                                                                                                                                            • Sustainable features
                                                                                                                                                                                                                                                                                                                                                                                                                              • Home2 Suites anchors Des Moines mixed-use development
                                                                                                                                                                                                                                                                                                                                                                                                                                • Hilton’s meal-kit delivery service experiment
                                                                                                                                                                                                                                                                                                                                                                                                                                • Extended Stay America (ESA)

                                                                                                                                                                                                                                                                                                                                                                                                                                    • SWOT analysis
                                                                                                                                                                                                                                                                                                                                                                                                                                      • Strengths
                                                                                                                                                                                                                                                                                                                                                                                                                                        • Weaknesses
                                                                                                                                                                                                                                                                                                                                                                                                                                          • Opportunities
                                                                                                                                                                                                                                                                                                                                                                                                                                            • Threats
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Overview
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Paired share structure
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Guest profile
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Frequent-guest scheme
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Hotel portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 79: Extended Stay America’s portfolio by US state, 31 December 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Current developments
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Franchising to be introduced
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Future plans
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Extended Stay America continues growth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                • ESA’s asset strategy moves forward
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • The state of ESA’s asset strategy
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Demand outstripping supply
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Q3 performance, outlook
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Extended Stay’s business-travel programme
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • InterContinental Hotels Group (IHG)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • SWOT analysis
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Strengths
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Weaknesses
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Opportunities
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Threats
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Overview
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 80: IHG’s extended-stay portfolio at year-end 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 81: Revenue generated by IHG’s extended-stay brands 2016-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Staybridge Suites
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Property features
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • New design unveiled
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Candlewood Suites
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Acquired by IHG
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Current developments
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 82: IHG’s extended-stay portfolio by business model & geography, 30 September 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 83: Year-to-date performance in North America to 30 September 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 84: Staybridge Suites’ performance in EMEA, year-to-date 30 September 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 85: Q3 & 9-month performance for IHG’s extended-stay brands, YTD September 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Dual-branded EVEN Hotel and Staybridge Suites for Seattle
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Dual-branded Staybridge Suites and Crowne Plaza for Manchester
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Staybridge Suites teams up with TV chef
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Staybridge Suites’ ‘Hugely Different’ brand campaign
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Choice Hotels

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • SWOT analysis
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Strengths
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Weaknesses
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Opportunities
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Threats
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Overview
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Franchise fees
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 86: Quoted franchise fees by brand as of 31 December 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • MainStay Suites
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 87: Key performance indicators for MainStay Suites’ US portfolio, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Suburban Extended Stay Hotel
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 88: Key performance indicators for Suburban Extended Stay Hotels’ US portfolio, 2013-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • WoodSpring Suites
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Unit details
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Jack DeBoer, the guru of extended stay
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • WoodSpring’s business model
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • WoodSpring Suites pricing policy
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Current developments
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • WoodSpring Suites executes 46 franchise agreements
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • A deal for 20-plus WoodSpring Suites
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Oakwood Corp Housing

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • SWOT analysis
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Strengths
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Weaknesses
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Opportunities
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Threats
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Overview
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Oakwood Worldwide Acquired by Mapletree Investments
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Current developments
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Oakwood launches new website
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • AccorHotels

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • SWOT analysis
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Strengths
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Weaknesses
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Opportunities
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Threats
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Overview
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 89: AccorHotels’ serviced-apartment/extended-stay capacity, 2016/17-2018/19
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Mercure Suites
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • The world’s biggest Mercure to open in Dubai
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Location by region
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 90: Novotel Suites, Adagio & Adagio Access by location, 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • The Sebel aparthotels
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Current developments
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Adagio revamped
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Three-pillar concept
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Adagio has introduced ‘Kids Friendly’ guides
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Dual-branded property for Liverpool
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • New Zealand’s newest Sebel hotel opens
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Mantra Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • SWOT analysis
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Strengths
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Weaknesses
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Opportunities
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Threats
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Overview
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • 300 hotels and 50,000 rooms
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Mantra has strength in resorts
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Operating structures
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Peppers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 91: Peppers’ destinations, 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Mantra
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 92: Mantra Hotels’ destinations, 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • BreakFree
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 93: BreakFree destinations, 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Current developments
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • New Mantra properties for Melbourne
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Pierre & Vacances – Center Parcs Group (PVCPG)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • SWOT analysis
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Strengths
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Weaknesses
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Opportunities
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Threats
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Overview
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Business model
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Prospection
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Marketing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Construction
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Tourism management
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Pierre & Vacances
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Pierre & Vacances premium
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Center Parcs
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Sunparks
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Villages Nature Paris
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Key figures
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Maeva
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Aparthotels Adagio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Key figures
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Current developments
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Sunparks and Pierre & Vacances go to China
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Signed agreements for four destinations
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • A resort inspired by Avoriaz in Thaiwoo station
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • A word of caution regarding HNA
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • InTown Suites

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • SWOT analysis
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Strengths
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Weaknesses
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Opportunities
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Threats
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Overview
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Corporate customers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Current developments
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Frasers Hospitality

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • SWOT analysis
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Strengths
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Weaknesses
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Opportunities
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Threats
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Overview
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Fraser Suites
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Fraser Place
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Fraser Residence
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Modena by Fraser
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Capri by Fraser
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Malmaison & Hotel du Vin were purchased in 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 94: Frasers Asia-Pacific portfolio, 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 95: Frasers European portfolio, 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 96: Frasers Middle Eastern & African portfolio, 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Current developments
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Multiple openings in key Chinese cities
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Hyatt Hotels

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • SWOT analysis
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Strengths
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Weaknesses
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Opportunities
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Threats
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Overview
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Franchise fees
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Current developments
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • G6 Hospitality

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • SWOT analysis
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Strengths
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Weaknesses
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Opportunities
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Threats
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Overview
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Current developments
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • International expansion
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Wyndham Hotel Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • SWOT analysis
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Strengths
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Weaknesses
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Opportunities
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Threats
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Overview
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Hawthorn Suites
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Current developments
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • On-demand food services
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Industry Insight: Exclusive Interview with George Sell, Editor of Serviced Apartment News

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • What Next?

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Extended-stay expansion in Europe to intensify
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • More consolidation to come…
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Leisure market – Future growth segment
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • More multi-brand development
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Segmentation in the sector to spread
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • North American brands could prosper in other regions
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Serviced apartments to become more like hotels
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Moving towards a seamless booking process

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Branded Serviced Apartments and Extended Stay - December 2018

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    US $1,912.55 (Excl.Tax)