Cheval Residences’ growth continues as the group announces it will open 11 new apartments at Cheval Knightsbridge

Compared to other global regions, London is distinctly underrepresented when it comes to serviced apartments. However this is set to change and 2015 is the year that corporates and investors will wake up to the opportunity for the UK’s capital city. The serviced apartment industry association, ASAP, expects to double in size by the end of 2015 as the sector continues to show strong growth* and Savills is predicting a 50 per cent growth over the next two years in Europe (UK Serviced Apartment Report Q4 2014).

At the forefront of this growth is luxury London serviced apartment specialist, Cheval Residences. In 2014, Cheval Residences opened Cheval Three Quays to critical acclaim and also acquired, renovated and opened Cheval Harrington Court in South Kensington. This growth is set to continue and in March 2015, Cheval Residences will add 11 new apartments to its Cheval Knightsbridge residence, which will be designed for three month extended stays and will join the existing collection of apartments, townhouses, garden villas and city cottages in this prestigious location.

Testament to Cheval Residences success to date, Cheval Three Quays has gained the number one position on TripAdvisor and received ‘Best for Exclusive Use’ at the Condé Nast Johansens 2015 Annual Awards for Excellence. Furthermore, Cheval Harrington Court won Best Hospitality and Service Experience at the Association of Serviced Apartment Providers Annual Conference and Awards Dinner in December 2014. Cheval Residences also received a Highly Commended accreditation at the 2014 EMEA EMMAs.

George Westwell, Director of Cheval Residences and member of the Association of Serviced Apartment Providers Steering Group, said: ‘UK HR professionals, relocation experts and business travellers and local planning authorities may not still be aware of the incredible value and benefits offered by serviced apartments. We have recently carried out research to show that accommodation of 64 square meters at Cheval Three Quays or Cheval Phoenix House would cost £271 excluding VAT for the night. That is £3.53 per square meter. Booking into a comparable five star hotel at say Mandarin Oriental, a 40 square meter room, would cost £475 per night, or £4.25  per square meter. Two thirds the size and a much higher cost. Fantastic value for money, in terms of space, is something that we pride ourselves in being able to offer.’

Throughout 2015 Cheval Residences will continue to develop long term business, with a focus on the corporate and relocation markets; during 2014, extended stay accounted for 17 per cent of the market share of overall revenue. Cheval Residences agent business has grown across the patch in 2014, with an 18 per cent year on year growth in agent bookings. Furthermore, Cheval Residences introduced a brand new OTA and web booking system in 2014, which accounted for 22 per cent of the market share of overall revenue.

Cheval Residences has shown its unrivalled understanding of the needs of time pressed business travellers by introducing room service delivery options across the portfolio and devising both a spa and retail package, both of which will continue to be expanded throughout 2015. Additionally, Cheval Residences has worked to change its business model to allow shorter stays, with 70 per cent of the Cheval Residences portfolio now offering a one night minimum stay policy. This is aimed to offer business travellers on shorter visits as much flexibility as possible.

Travellers booking with Cheval Residences also have the additional benefit of Cheval Partnership Sales, which has access to 15,000 apartments worldwide, in all major cities. In July 2014, Cheval Residences rebranded Reside Residences to Cheval Partnership Sales creating a more defined link between the residences and the extended sales team. If Cheval Residences is unable to accommodate a customer in one of its own residences, Cheval Partnership Sales will find a solution with the same determined quality of serviced applied to the Cheval Residences property portfolio.

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