Radisson Hotel Group has plans to more than double its serviced apartments portfolio within the next five years across Europe, the Middle East and Africa.
Today, serviced apartments represent around ten per cent of the portfolio of the group in the regions, with 45 properties and more than 5,400 units in operation and under development.
Radisson operates its serviced apartments as a stand-alone or a mixed-use development in combination with a traditional hotel operation.
Serviced apartments will be developed as a brand extension of the existing portfolio to cater to the different segments from midscale to luxury.
Elie Younes, chief development officer for Radisson Hotel Group, said: “For many years we have explored the strong demand for serviced apartments and extended stay products by recognizing it as an attractive risk-adjusted investment proposition that has considerable growth potential.
“Given its relevance to the current economic climate, this value proposition has recently been further defined in our portfolio, offering a holistic concept with more opportunities for our investors and more possibilities for our guests.
“We commit to stay relevant to all our stakeholders.”
The expansion plan aims to double the portfolio in operation by 2025, recognising the attractive model of either combining both hotel and serviced apartments in one development or as a standalone operation.
This proposition features an attractive operational and commercial model with value engineered construction parameters, featuring a new look and design.