In the continuously evolving landscape of corporate travel, the spotlight now shines brightly on extended stay accommodations, transcending their conventional association with mere relocations. At the recent GBTA Dallas Convention, The Apartment Network’s (TAN) timely session, “Mastering the Extended Stay Maze: Strategies for a Crowded Arena,” attracted widespread attention and recognition.
An illuminating survey has unveiled that nearly one in five participants foresee a rise in requests for serviced apartments over conventional hotels, with projections indicating a further swell in 2024. With companies grappling with augmented employee mobility, travel policies with mobility strategies are undeniably converged. The horizon heralds an era where the distinction between corporate travel and mobility grows indistinct, emphasizing the need for travel management’s adaptation.
The Apartment Network’s visionary CEO, Marcos Isaac, observes, “Booking extended stays differs fundamentally from short-term reservations. There’s a higher degree of human interaction, and despite the rapid pace of technological development, the human element in such bookings remains irreplaceable.”
The audience at GBTA Dallas unanimously agreed that extended stays and alternative lodgings are emerging as flexible solutions for myriad business requirements—from project teams and crew members to remote workers. The discerning modern traveller prioritizes duty of care, sustainability, and DEI, catapulting extended stays to newfound popularity.
The surge in demand has ushered in an influx of extended-stay solution providers, making the market a hotbed of competition. With nearly half of corporate entities employing specialist agencies for their extended stay requirements, selecting a partner becomes a pivotal business decision.
TAN’s meticulous data study reveals a noteworthy 10% surge in the average stay duration in H2 2023 compared to H1 2022. The inquiry rate, too, has spiked by an impressive 40%, with marked activity across the US, Europe, and the Asia Pacific. In tandem with these evolving demands, TAN has expanded its property inventory by a whopping 50% over the past two years and remains committed to sourcing ideal accommodations for its expanding global clientele.
Marcos Isaac, alongside esteemed colleagues Megin Dressler (North America Travel Manager, Keller) and Ana Prado (Brazil Fleet & Travel Sr Buyer, Indirect Procurement, Syngenta Group), further enriched the insights shared at GBTA Dallas.
Written by: Octavia Koo
