The Association of Serviced Accommodation Providers ASAP, in association with Savill’s, have released the findings of their June 2020 Sentiment Survey. Although currently optimism is much lower compared to the previous survey (November 2019), as is to be expected, more than half the operators surveyed believed occupancy levels would return to pre-COVID levels in 2021. With one in four anticipating it will occur in the first half of the year.
More than 40 per cent of respondents said they were slightly to significantly optimistic for the next 12 months, suggesting the downturn in current sentiment to be only temporary.
In fact, most operators anticipate the sector will bounce back, with 87 per cent believing serviced apartments are better placed to recover than other areas within the accommodation industry. Providing self-containment, better social distancing and professional cleaning and hygiene standards were the top three reasons for better recovery.
However, while respondents were generally positive when asked to think forward, they are under no illusions about the challenges ahead. Over the next three years, operators believe that wider economic conditions, international travel restrictions and enforced social distancing will present the biggest problems for their businesses.
A video presentation of the Sentiment Survey’s key findings is available on the ASAP website along with more data from the survey.
