News

Home Comforts, Serviced Apartments for the Business Traveller

ServicedStays.com is one of the largest online serviced apartment companies in the UK and has recently announced the addition of around 30,000 international properties to compliment its existing database of 3,500 throughout the UK. Users of the site will soon be able to take advantage of extra travel facilities such as taxi and limo transfers, foreign exchange, travel insurance and car hire or parking. "Our aim is to offer alternatives, but most importantly - a convenient, valued service." Said Michael Parker, of ServicedStays.

The website is simple and easy to use. Log on at any time, after entering your date and destination details, you'll be given a variety available accommodation bookable there and then. Browse through the images of the properties included and then when you've chosen, submit your entry with payment details. You'll receive an email or fax of confirmation within 24 hours. If you're a bit of a technophobe or have any queries there's a helpdesk number. www.servicedstays.com 0871 226 1902

Unlimited

Home from home.

ServicedStays.com is a new online service with over 3,000 apartments in London and 17 other UK cities on its database. Corporate travel buyers and business travellers can view apartments on their screens and book accommodation as well.

Clearly, one of the key driving forces behind the growth of serviced apartments is cost: you generally get better value and often actually cheaper accommodation than in a regular hotel. Philip Cairns, managing director of Central Apartments with properties in London and Manchester believes that "company travel managers have an increasing need to make the most effective use if their travel budgets."

A sizeable chunk of any expense claim goes on things which the traveller could do - and many would prefer to do for themselves, such as making their own breakfast.

Joe Jones, managing director of the specialist Number 20 Venue Finding & Event Management Company says that space is the key. "We book our clients into apartments because they have more space - an apartment would be the equivalent of a suite in a hotel and so the client is not restricted to a small bedroom, as apartments usually have kitchens which offer more flexibility; you can make a cup of coffee when you want instead of waiting endlessly for room service to deliver it."

In addition, apartments may be more suitable for women business travellers. "Many women feel uncomfortable eating alone in hotel restaurants and prefer room service instead, so why not have it in the luxury of an apartment rather than a bedroom."

Some surveys suggest that apartments are typically 25% less expensive than a room in an equivalent hotel, although the comparisons are not always easy to make.

Business Travel World

On the home front.

Serviced apartments are ideal for extended business trips, short- to medium- term overseas projects and relocations - particularly while permanent accommodation is being found. They can be a preferred alternative to buying or renting on the open market.

Your serviced apartment will usually be quite near the centre of the city, either in a purpose-built block or one converted for the role. Many newer apartments are decorated in a contemporary style, with hardwood floors and minimalist furnishing, while in older parts of town, rugs and antique-style furniture are common.

The level of services available can vary considerably. In many apartments, you have the choice of maid service daily or weekly. There is often a porter or a conciege and in some cases food and drink can be delivered to your door - although this service is more likely to be provided by a local caterer than by room service. Temporary health club membership may be provided through a similar arrangement.

ServicedStays, based in Cardiff, has 4,500 apartments on its books in 28 cities, some of which are small blocks owned by private individuals. "Rental yields on long-term lets are low - around 5 to 6 per cent in London", says Michael Parker, chief executive of ServicedStays. "But in the short-term market, you are looking at 15 per cent upwards". There are even tax benefits, with scope to roll over capital gains into your investment. For the customer, of course, there's an added bonus. You can't kid many people that you own the hotel where you're staying, but with an apartment (as long as it's not heavily branded) its a different matter. With a nonchalant air you might add: "I've also got places in Berlin, Milan and Barcelona."

British Airways Business Life

SHORT STAYS MADE EASY.

ServicedStays.com has put serviced apartments on to the Internet bringing the comforts of home and the services of a hotel together effectively.

ServicedStays.com has been launched to cater for the increasingly diverse needs of the business and leisure traveller in the UK and from across the world. With over 3000 serviced apartments situated in London and 17 other major cities on its database. ServicedStays is able to locate unique, versatile accommodation, offering a cost-effective alternative to staying in a hotel. The wide range of apartments on offer have all the creature comforts of home, plus more flexibility and space for living, working and entertaining guests.

ServicedStays is pioneering the growth of the serviced apartment industry throughout the UK - an industry that is already established in the USA and the Pacific Rim. The new online viewing and booking system is expected to attract considerable interest among all types of business travellers and tourists and the aim is to bring clear benefits of staying in a period apartment closer to people through the provision of an accessible real-time web interface. Hotels have embraced the online concept for many years now, but with short-stay serviced apartments offering a cost-effective alternative it certainly gives the business and leisure traveller more choice.

Meeting Planner

LETTING THE CASH ROLL IN.

The world is full of contractors these days. Now that companies have realised the benefits of outsourcing jobs, we've got project workers coming out of our ears. These people often end up carrying out contracts far from home. Obviously that means they need somewhere to stay, which is where ServicedStays.com comes in.

This new Cardiff-based company has been set up with the aim of filling this demand by offering serviced apartments in UK cities on short-term lets. Customers can locate an apartment, check its particulars, see whether it's available at the right time and then book a stay via the website.

The biggest market for us, which is where our strategy is going to take us, is much more the corporates, anything from a technology company of six people, all the way through to massive companies around the world. The real attraction for them is cost, because the equivalent hotel costs much more than the equivalent apartment. Space is also a factor, you're going to have a lounge and an entertaining space for meetings after work and finally there's time, nobody really wants to be stuck in a hotel room for three months where you have to go downstairs to the bar every night or out to a restaurant.

The hotel sector does not meet the need - you've got more contractors, more globalisation, more people working away from home for longer than two days at a time. Its not your travelling salesman staying one night, its your contractor doing a three-month project or your consultancy team coming into a company for two months.

Expert Verdict

A great site. It does what it needs to do without unnecessary clutter. Simple, clear and easy to use with the omnipresent call centre number reassuring the customer. Assuming ServicedStays manage their development and maintenance costs tightly on this site and they focus on marketing it to the niche customer segment it targets, I would be surprised if they do not see the internet channel delivering a good return on their investment.

Internet Works

More room on the Internet.

ValueStays, the Cardiff-based online serviced apartment company has secured over half a million pounds of local financial support for the continued expansion of its Internet-based ventures.

The move follows the recent launch of ServicedStays.com, its online database of more than 3,500 UK serviced apartments, where business and leisure travellers from around the world can view and book their short stay accommodation.

The largest single investment comes from Finance Wales plc while other substantial capital has been raised through two private investors. In addition the National Assembly of Wales has provided £100,000 in the form of a grant, with Cardiff City council also giving £5,000 grant assistance.

ValueStays chief executive officer Michael Parker said "This capital will enable us to confidently reach one of our most important key business objectives - to sustain a dominant position in the rapidly growing serviced apartment industry.

"We feel that the excellent investment opportunities available to innovative companies in Wales will benefit not only our business, but also the local employment market."

The South Wales Argus

Backing will give extra value.

Ex-American Express executive Michael Parker has been given financial backing from investors who think his idea will do nicely.

A package worth £650,000 involving venture funds, grants and private investors will help Cardiff Bay-based ValueStays beef up its attack on short-stay hotels.

The firm is mounting a challenge with serviced apartments through an online booking and inquiry service, ServicedStays.com

Most of the cash boost has come from Finance Wales, the region's new venture fund, while the National Assembly and Cardiff County Council have awarded grants totalling £105,000.

Two unnamed private investors have also taken a stake in the business created by the Welshman who has returned home after working for several years with Amex in New York, where he witnessed at first hand the growth explosion in the market.

ServicedStays.com has an online database of more than 3,500 apartments in the UK. "We feel that the excellent investment opportunities available to innovative companies in Wales will be benefiting not only our business, but also the local employment market," said Mr Parker.

The South Wales Echo

Serviced apartments are rooms to view a prosperous business.

MICHAEL PARKER first became aware of the burgeoning popularity of serviced apartments while an American Express executive in New York in the late 1990's.

"It was phenomenal, the business was growing like crazy as executives saw the benefits of switching from hotel rooms to rented short-stay apartments," says the 29 year old.

"In the UK it is still a relatively new concept, but it is a business that is developing rapidly.

"The idea of our ValueStays business and servicedstays.com is to be at the forefront of this growth."

In the last few weeks he has secured a substantial £650,000 worth of funding for the venture - the largest portion of which has been supplied by the go-ahead new venture fund, Finance Wales plc.

The National Assembly has also awarded a £100,000 grant, Cardiff County Council a further £5,000, while two private investors have also become involved.

"This capital will enable us to confidently reach one of our most important key business objectives - to sustain a dominant position in the rapidly-growing serviced apartment industry," said Michael Parker, chief executive officer of ValueStays Ltd

"We feel that the excellent investment opportunities available to innovative companies in Wales will be benefiting not only our business, but also the local employment market."

ServicedStays.com has an online database of more than 3,500 UK serviced apartments, where business and leisure travellers from around the world can view and book their short-stay accommodation.

The next stage is to take the concept to the international market and to this end Parker is in the final throes of agreements which will see the business cover 46 countries and 182 city locations. This will give the business a database of almost 40,000 properties.

The opportunities for the venture are enormous, with the figure of 8,000 and 10,000 serviced apartments in the UK forecast to grow rapidly in the next few years.

In the US for example, there are a staggering 1.2 million serviced apartments that are used either by short-term travellers or executives involved in the longer-term projects, in particular cities away from their base.

Globally, the market offers about 2.5 million units, but again this figure is expected to double this year alone.

Even in Cardiff, for example, high-quality serviced apartment schemes have recently been completed in Howard Gardens while more are on their way in the Cathedral Road area.

Initially, Parker sees the business operating mainly as a brokerage, offering details of apartments, which will then either be booked by his business or directly with the provider.But with investment in technology, the next stage will be offering real-time availability via the ServicedStays.com site.

"We aim to get to a stage where we will plug our technology into providers' systems and offer a full reservation service.

"Equally, we will then be able to work closely with companies of all sizes to locate and secure the best available deals on an international basis," said Mr Parker.

He also envisages an opportunity to get into the so-called peripherals market, offering clients car hire, airport parking arrangements and other travel services.

"The opportunities are enormous and thanks to this round of funding support, the business can now invest well in technology and people and build something of real substance."

Peter Shortt, fund manager for Finance Wales/Roayl Bank of Scotland Innovation Fund said,"ValueStays have demonstrated a highly-innovative business plan that should see them move into sustainable profits.

"Our decision to invest in them is based on their cutting-edge use of technology and strong position in the rapidly-growing UK serviced apartment industry."

Western Mail

ValueStays gains venture funding.

A £650,000 cash injection from venture funds, grants and private investors will see the worldwide expansion of ValueStays, a Cardiff-based business specialising in the rapidly growing serviced apartment sector.

Serviced apartments are currently challenging the international domination of hotels in the short-stay market and ValueStays's online booking and inquiry service, ServicedStays.com, is poised to become a UK leader in the sector.

Most of the new funding has been secured from Finance Wales, the region's new venture fund, while the National Assembly and Cardiff County Council have also awarded grants totalling £105,000.

Two unnamed private investors have also taken a stake in the business - headed by former American Express executive Michael Parker.

Welshman Parker, who is basing the business in Cardiff Bay, has returned to South Wales after working for several years with Amex in New York, where he witnessed at first hand the massive growth in the serviced apartment market.

"Serviced apartments are usually more cost effective than hotels, they offer larger and more homely surroundings for executives and the market has grown five-fold in the US in recent years," he said.

ServicedStays.com currently has an online database of more than 3,500 UK serviced apartments

The business is in the final stages of concluding a number of international agreements that will allow ServicedStays.com customers to access databases in 46 countries.

"This capital will enable us to confidently sustain a dominant position in the rapidly growing serviced apartment industry," he said.

"We feel that the excellent investment opportunities available to innovative companies in Wales will benefit our business and the local employment market".

Peter Shortt, fund manager for Finance Wales/Royal Bank of Scotland's Innovation Fund, added, "ValueStays have demonstrated a highly innovative business plan that should see them move into sustainable profits in the near future."

Western Mail

ValueStays revolutionises short-stays.

Serviced apartments are revolutionising the short-stay accommodation market in the UK. They offer the perfect alternative to hotel accommodation for business travellers and holidaymakers alike. Serviced apartments provide an exceptionally flexible and cost-effective way to stay away with all the 'home-from-home' comforts, as well as the service and facilities of a hotel.

ValueStays Limited, is the online premier source of serviced short-stay apartments throughout the UK. Using the latest in web technology, ValueStays offers travellers the ability to browse through a wide variety of serviced apartments, check availability and book online. Travellers can simply log onto www.valuestays.com any time of the day or night and book their stay online or talk to a customer service advisor on 0800 093 5104.

All of the serviced apartments have been furnished to a very high standard, each with its own unique style and characteristics. They are especially spacious, ranging from studios to 5 bedrooms, with fully equipped kitchen, lounge and many also having dining rooms for entertaining. ValueStays has the most diverse online database of serviced apartments in the UK, with currently over 2,600 apartments, covering London and 14 other major UK cities.

Nine to Five Magazine

Short-stay site targets business.

A new site is to offer short-stay apartments to business travellers online.

ServicedStays (www.servicedstays.com) will offer customers 3,000 short stay apartments online. Users can check availability and book apartments in London and 17 other major UK cities 24 hours a day.

Operated by property firm ValueStays, the city apartment site will soon be joined by a new CountryStays brand, which will offer travellers accommodation in country cottages and chalets.

Michael Parker, chairman and chief executive at ServicedStays said: "Serviced apartments are revolutionising the short-stay accommodation market in the UK. They offer the perfect alternative to hotel accommodation for travellers and holiday makers alike".

The ServicedStays site was developed by Cardiff-based web agency Imaginet, which plans to increase its staff from nine to 20 by Janaury 2002.

Revolution

An overnight revolution.

SERVICEDSTAYS provides an online source of serviced short-stay apartments in the UK.

Designed by Imaginet, the Cardiff web design and solutions agency, the ServicedStays site (www.servicedstays.com) uses the latest in web technology to offer travellers the ability to browse through a wide variety of serviced apartments, check availability and book online.

Travellers can simply log on any time of the day or night and book their stay online. Travellers can also speak with an advisor on 0800 093 5104 if they wish.

Michael Parker, chief executive of ServicedStays, said, "Serviced apartments are revolutionising the short-stay accommodation market in the UK.

"They offer the perfect alternative to hotel accommodation."

ServicedStays has the most diverse online database of serviced apartments in the UK, with more than 3000 apartments, covering London and 17 other UK cities.

The portfolio will be expanded over the coming months through a new CountryStays brand, offering travellers accommodation outside the major cities, including country cottages and chalets.

ServicedStays employs nine people at its Cardiff headquaters, to be increased to 20 by 2002.

Western Mail