Up until recently business travelers staying away from home had little choice but to rely on hotels for accommodation. Staying in such places often felt restrictive and executives had to battle the tedium of eating off the same menu and seeing the same four walls night after night.

The emergence of serviced apartments has created a new alternative for travelers who do not want to stay in hotels or commit themselves to private property rentals. Serviced apartments are furnished properties with bathrooms, living rooms, fully fitted kitchens and bedrooms. Some have daily maid services and nearly all serviced apartments have a 24 hour concierge and in-house maintenance. As such serviced apartments provide a home away from home and are designed to make any period of time away as easy as possible.

Possibly this is the crucial reason behind their growing popularity. The serviced apartment sector is booming, largely at the expense of the hotel industry. The other factor contributing to their success however is their cost effectiveness. Serviced apartments are generally 25% cheaper than hotel rooms and when you consider how much more space a guest is getting they really do offer excellent value for money.

The serviced apartment industry is already well established in Asia and Australasia but is really only just getting going in Europe and the US.

In the past five years there has been a massive increase in the number of serviced apartments available in Europe and the US with hundreds of providers flooding into the market. According to analysts the serviced apartment sector is worth over $3 billion a year

Serviced apartments offer business travelers comfort, convenience and cost effectiveness. As such they offer an excellent alternative for executives who do not want to be confined to a hotel or to commit themselves to a private property rental arrangements. No wonder then that the sector is booming throughout the world.