Quest to double in next decade

Quest to double in next decade
By admin


The opportunities that exist in the serviced apartment sector are “enormous” despite tough conditions in other parts of the industry, according to Quest.

Executive chairman Paul Constantinou told Travel Today that, despite their 30-year history, serviced apartments are still a “fairly new concept”.

But they are becoming increasingly relevant due to the changing habits of Quest’s key demographic – the corporate traveller.

The segment now accounts for 25% of the overall accommodation market, up from as little as 3% just 15 years ago.

“There’s an enormous amount of opportunity for good quality accommodation, particularly for the extended stay corporate travellers,” Constantinou said. “Overnight stays are not a growing segment of the hotel industry.”

In addition to providing space and facilities suited to longer stays, Quest has opened properties in strategic areas where industrial office growth is being seen.

“Where we grow is where our customers want to be,” he said. “Where we’re seeing growth and demand is in outer areas, suburban areas where there’s a lack of accommodation.”

Although it has marginal leisure business, the firm ensures it remains focused on the corporate market “because we do it well”.

“Combining the two together doesn’t work,” Constantinou said, describing leisure travellers as “more demanding”.

“When you’re looking through the eyes of a corporate traveller, it’s not about the views and the scenery, it’s about providing what they need inside the room.”

Meanwhile, the firm has appointed Zed Sanjana to the role of chief executive to tackle the day-to-day running of the business with Constantinou to focus instead on driving growth.

This financial year, it will open 11 new businesses, with the aim to get up to 15 businesses thereafter.

“In the past we were sitting at around eight per year,” he revealed.

“Our target within the next 10 years is to double the size of our group based on real demand.”

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