By Kofo Joseph
Over the centuries, the essential needs of a medieval and modern-day traveler have not changed or experienced a sweeping revolution: security of life and belongings, good, healthy food and drink, access to medical aid, communication, a warm bed, and hygiene facilities. However, the approach to delivering these essential services has significantly improved over time.
With the advent of the industrial age in the West, the colonization, and the adoption of Western economic and lifestyle choices, Africa particularly Nigeria, has become a big player in the hospitality sector, shifting from offering basic bed and breakfast services to luxury lodging and enhanced customer experience.
Advancements in archaeology, technology, and the internet have changed the dynamics, service delivery, key players, and stakeholders in the hospitality sector.
Market demand and changing consumer preferences in the hospitality sector have greatly impacted the industry. This move has seen the emergence and rise of the hotel chain business model with luxury hotels built in Nigeria rivaling what is obtainable in Europe, Asia, and other advanced nations in number and quality of service delivery.
According to Naira Metrics, “Nigeria has moved into second place in Africa’s 2024 Hotel Development Rankings, with 7,622 rooms across 50 hotels, driven by key developments from global hotel chains like Hilton, Radisson, Marriott International, and Leva Hotels, with Lagos leading the way with five new hotel deals.
By leveraging technology, players in the hospitality industry have used a customer-centric approach to deliver more efficient and personalized services. This shift has led to the emergence of serviced apartments, which blend the amenities of a hotel with the conveniences of home. This model provides premium luxury hotel services while offering the flexibility and convenience of home living.
Travel, events, social media trends, and online platforms have all contributed to the rise of serviced apartments as more customers want personal space, and the convenience of home, as it is more cost-effective than hotels.
Undeniably, Lagos records the highest increased demand for serviced apartments but Abuja is experiencing its boom as more people travel for business tourism, and leisure with the emergence of Smart Residences Ltd with locations at Gidanka also known as The Destination, Glass House Residence, Home Away and The Residence which have become a destination for work, fun and leisure seekers, who are taking advantage of the world class facilities.
Based on ratings and customer reviews, Smart Residences subsidiaries, have become some of the most sought-after serviced apartments in Abuja, combining luxury and home conveniences with its signature Sky View Restaurant at The Destination that offers a city view like no other.
The future of serviced apartments will offer more investment opportunities driven by customer preferences and needs.
For investors, business travelers, tourists, and event professionals, serviced apartments present a positive future, as consumer predisposition continues to evolve and the apartments and services offered adapt accordingly. This is bound to create a range of investment opportunities that investors can leverage because of the growing demand for flexible living spaces that combine the comforts of home with the services of a hotel.