The first time I traveled through Newark Liberty International Airport’s Terminal A last year, I felt like I had stepped into the future. In the place of static wayfinding signs, digital screens guided me through the concourse, where outdated gate areas were replaced with sleek, light-filled spaces. Passengers lounged on wooden plank recliners instead of squatting on the floor, with devices plugged in to countless outlets (that actually worked). Heck, at one point, I even spotted a robot helping bus dishes inside the United Club lounge.
Global accomodation rates continue to fall against backdrop of shifting geopolitical landscape
04.03.2024 - 08:03 / traveldailynews.com / Vicky Karantzavelou
SilverDoor Shares First Accommodation Market Quarterly Update for 2024
Serviced apartment agent SilverDoor, has released its first market quarterly update report for 2024, highlighting the impact of ongoing geopolitical change on the continued decline in global average daily rates (ADR).
In particular, tensions in the Middle East and upcoming elections for nine European nations, including the UK’s general election and the US presidential election in November, have impacted corporate traveller confidence and the supply chain. Flight restrictions to a number of Middle East destinations and disruption to Red Sea trade shipping routes, following the Israel-Hamas conflict, have meant significant delays and diversions to services with a direct impact on cost.
Across Europe, four nations – UK, Portugal, Austria and Lithuania – are expected to see general elections delivering a significant change in governing policies. A key part of this will be the roll-out of the EU’s Corporate Sustainability Reporting Directive (CSRD) which has already begun phasing for EU-incorporated companies already subject to the EU’s Non-Financial Reporting Directive (NFRD) with other EU companies and non-EU companies, and likely to impact the policies of any new government. In the US, the upcoming presidential election is also expected to impact both pricing and availability as rallies and conventions get underway.
From a serviced apartment perspective, globally, ADR has dropped 3% to £157.60 (Nov 23-Jan 24) compared to the same period last year (Nov 22-Jan 23). By region, APAC ADR has seen less of a drop from S$236.38 in Nov 22-Jan 23 to S$231.27 in Nov 23-Jan 24 – a 2.1% YoY reduction. EMEA ADR mirrors the overall global decline and has reduced 3.1% YoY from £165.70/771.37 AED in Nov 22-Jan 23 to £160.40/746.70 AED in Nov 23-Jan 24. The most significant decline however is in the Americas ADR which has reduced 9.8% YOY, from $221.55 in Nov 22-Jan 23 to $199.75 in Nov 23-Jan 24.
Average length of stay has also seen a reduction of 25% overall across all global markets, indicating a more cautious approach to corporate travel for the turn of year driven by a desire to reduce costs and a hesitancy to travel during a period of marked instability.
There are positive shifts in the Middle East, most notably Dubai, which set new revenue records for the end of 2023. Likewise, diversification in Saudi Arabia is also driving growth as it seeks to shift away from oil as an income source in addition to doubling its female workforce over the past four years. This increase in particular is bearing influence on the type of demand for corporate travel accommodation and working to maintain occupancy levels.
Martin Klima, Chief Customer Officer,
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