Carine Bonnejean of Christie & Co: What Banks do and don't Know About Serviced Apartments21 Jul 2017
As Head of Consultancy for Hotels at Christie & Co., Carine Bonnejean uncovers what she believes banks understand about the serviced apartment sector. She also discusses topics about which she believes banks may need to be more educated.
Glenn Haussman: You're watching heretostay.tv, brought to you by BridgeStreet.
I'm here with Carine Bonnejean of Christie and Co. She's a head of The Consultancy Hotels and I'm finding it very interesting here at the IHIF event that there seems to be a lot of buzz in the changing nature of how the serviced apartment sector is being viewed. How are banks perceiving it, five years ago to today?
Carine Bonnejean: Yeah I think banks over the last few years have clearly become more interested in the sector. A lot more in the [inaudible 00:28] as well. They still lack sometime of understanding of how much value can serviced apartment provide compared to hotels, but generally there's a lot more understanding of the benefits in terms of the delivery, and how much profits you can make, and also of what are the key differences between hotels and serviced apartment? Because clearly they're not targeting the same audience, and with the right providers you can really make a difference and make it a successful proposition.
Glenn Haussman: Yeah, you say that it's not the same audience, but I'm getting the sense that more and more we're getting a crossover on the types of people that would stay in a traditional hotel and a serviced apartment. So what do you tell developers of the product in terms of the differences between a hotels and serviced apartments and the types of business that they feel they'll be able to run?
Carine Bonnejean: Yeah it's clear that they, some of the market that has, that could go to hotels or serviced apartment, but I think you focus on slightly different segments, and there's a lot more demand for also combo developments where you can actually target with a hotel, short stay demand and the serviced apartments, I can provide all the extended stay type of product.
Glenn Haussman: Excellent. And that seems to be a common theme that we're seeing mix use development, the rise of serviced apartments, and bring it all together in a cohesive project that the banks seem to really love.
I'm Glenn Haussman for heretostay.tv.