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Quest reports early boost in business travel

Sarah Stowe

The chairman of Quest Serviced Apartments reports the serviced apartment sector is proving one of the early beneficiaries of increased corporate confidence as early 2010 sees a resurgence in business travel.

Paul Constantinou said his franchisees are already seeing an increase in the number of corporate organisations seeking serviced apartments for their travelling executives.

“Already these accommodation options are attracting increased patronage in 2010 and make up the fastest growing sector in the industry. Quest bookings are solid for the first quarter of the year which suggests despite the turn in the economy, companies are still trying to avoid over spending where possible. Serviced apartments provide that value for money.”

The 2009 freeze on lending lead to an undersupply of accommodation options for the business sector. Banks made it difficult to get developments underway which created increased competition between corporate and leisure travellers for accommodation. While some accommodation operators faced challenges securing finance to build new properties to meet the under supply, Quest has opened 19 new serviced apartment complexes over the last 18 months.

“We have another eight in various stages of construction which will all be opening within the next 12 months,” Mr Constantinou said.

Quest Serviced Apartments is the largest service apartment group in Australasia with more than 125 properties across Australia, New Zealand and Fiji.