An Empirical Study on Strategic Aspects of Serviced Apartments in Chennai

Abstract

The serviced apartment today includes two or three bedroom facilities fully furnished with modern equipment that is required for living,refrigerators, modular kitchen, microwave oven, washing machine, house keeping and internet facilities. All these services are offered at prices 25 to 30 percent lower when compared to 5 star hotel tariffs. The growing demand for this sector and also individual who shows keen interests in starting it as an enterprise. The five star hotels in the country has recorded a 5.2 percentage dip in overall revenue per available room from the year 2012 to 2013 whereas the budget hotels have recorded a growth of 10.4 percentage during the same year. Serviced apartment revenue per available room has been increasing during the last five years and the trend continues to grow.