Which is the big segment that hit the serviced apartments Bangalore?
Another big segment that could start using Serviced Apartments Bangalore will be visitors for medical tourism. There could be players who will build serviced apartments next to large hospitals to cater to that kind of demand.According to research conducted by HVS, the growth of branded Serviced Apartments Bangalore will also help rationalize prices currently being charged by hotels - a burning issue in Bangalore today. Luxury serviced apartments can be standalone or be a part of luxury, first-class and mid-market mixed-use hotel developments.
Serviced Apartments Bangalore usually has better occupancy rates and there is 10-12 per cent difference in the bottom line, compared to hotels. The cost of operations too is lower. The nature of operations and design, of course, are totally different."
The supply of branded serviced apartments is very scanty across all markets, except maybe in Mumbai which at the moment has the Taj Wellington Mews, Lakeside Chalet Marriott Executive Apartments, the Grand Hyatt Residences and the Grand Residences attached to the InterContinental in Mumbai with a total of over 400 units. Then there is the Best Western, The Emerald in Mumbai, which offers executive apartments in the three-star category.
Operating since 2001, the 177-unit Lakeside Chalet Marriott Executive Apartments has seen a steady increase in demand for long stay apartments, with average rates up by 30 per cent from 2005 and a strong 90 per cent average occupancy. In fact, they even had a guest stay for as long as five years.
HVS research says that Bangalore is set to get another 300-500 units from Hilton, Oakwood and Le Meridien. Rajesh Punjabi, VP-development in India for Hilton International, informs that Hilton will start its brand of Hilton Residences Serviced Apartments Bangalore soon.
Paul Dominick, manager operations at the Brigade Group, says the company is working on three more Serviced Apartments Bangalore under the HomeStead brand. This will add another 200 apartment units to the city in the upper mid-market category.
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