From January to December 2020, the number of high quality hospitality units in Saint Petersburg reached 23.5 thousand units located in 146 hotels (objects ranked 3★ to 5★ with more than 50 rooms considered). In terms of units, this represents a 1.3% decrease year-over-year.
In the meantime, serviced apartments continue to increase the volume of supply on the market, with a growing share in the total volume of the city’s room stock. A distinctive feature of this segment is the availability of offers not only in the format of short-term rental (the most typical format for hotels), but also in medium-term and long-term rental formats.
At the end of 2020, the room stock of serviced apart-hotels in the Saint Petersburg hotel rental market increased by 64% year-over-year, to 6.9 thousand units. Within the same time period, the volume of commissioned rooms increased by 1.2% (2,691 units in 2020 vs. 2,659 in 2019).
The number of high quality hotel units and apart-hotels, newly built or periodically renovated, is a key factor shaping the demand for hospitality furniture. We are tracking this indicator more closely within our extended Market Reports.
