Serviced Apartment Market Size and Key Players and Analysis
The global serviced apartment market size was estimated at USD 112.54 billion in 2023 and is predicted to surpass USD 373.33 billion by 2033, with a healthy CAGR of 12.74% from 2023 to 2033. The key player operating in the serviced apartment market are the SQUA.RE SERVICED APARTMENTS, adiahotels.com, Viridian Apartments, Adagio, The Ascott Limited, Frasers Hospitality, The Serviced Apartment Company, Staycity Ltd, Habicus Group, Marriott International, Inc., and Others.
Market Report Coverage
| Report Coverage |
Details |
| Market Size by 2033 |
USD 373.33 Billion |
| Market Size in 2023 |
USD 112.54 Billion |
| Market Growth Rate |
12.74% |
| Leading Region |
North America |
| Forecast Period |
2023 to 2033 |
| Segments Covered |
Type, End-use, Booking Mode, and Regions |
| Regions Covered |
North America, Europe, Asia-Pacific, Latin America and Middle East, & Africa |
Serviced Apartment Market Key Players
Latest Announcements by Industry Leaders
- In May 2024, Ascott Limited announced its expansion plan in the MENA region to increase its portfolio by aligning its target of 10,000 units by 2025, solely launching more than 5,500 units in Saudi Arabia and UAE.
- In February 2024, Aparthotel brand Adagio outlined its 2024 with the launch of its co-living concept in the United Kingdom. Furthermore, Adagio planned five renovation projects with the opening of seven aparthotels in 2024 and aims to reach 200 properties by 2028.
Recent Developments
- In April 2024, Ascott Limited, a Singapore-based hospitality company also known as the wholly owned lodging business unit of CapitaLand Investment Limited, launched the first serviced apartments in Gurugram in North India in partnering with local real estate developer Paras Buildtech.
- In November 2024, OSK Property Holdings Bhd, a subsidiary of OSK Holdings Bhd, launched the Nara, the serviced apartment project under the 27.77-acre (11.24-hectare) Shorea Park master plan in Puchong.
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