Smart, Safe,
Sustainable Living for
Employees Anywherein the World

Corporate Accommodation

Trends I Q2 2024

Table of Contents
Global Market Trends

03

Regional Reports

06

Legislation Updates

24

Major Events Impacting Pricing

31

www.altovita.com

Corporate Accommodation Trends I Q2 2024

02

GlobalMarketTrends2$ 'Objective Stacking'As corporate travellers embrace "objective stacking"— a term coined by Globetrender to describe
trips that are planned to fulfil multiple goals —corporate accommodation providers can expect
increased demand for accommodation catering to extended stays and offering amenities conducive
to work and leisure. This trend reflects a shift towards more extended stays and holistic travel
experiences driven by sustainability concerns and cost considerations.

j$ Retreats Embrace Non-Traditional Spaces
Corporate retreats are increasingly opting for non-traditional event spaces to host large
meetings. From vacant malls to luxurious yachts, businesses are exploring unique venues toelevate the event experience and foster creativity among attendees. This shift signifies adeparture from the dominance of small and medium-sized gatherings post-pandemic and a
resurgence in demand for large-scale meetings.

$ Corporate Accommodation
Adapts to ‘Human Sustainability’With organisations increasingly prioritising their employees’ well-being, or ”humansustainability”, corporate accommodation providers can position themselves as trusted partners.
The rising corporate concern around human sustainability highlights the importance of providing
accommodations that contribute to individuals' well-being, health, and sense of belonging.

www.altovita.com

Corporate Accommodation Trends I Q2 2024

03

/& US Corporate Accommodation
Demand on the Rise
Demand for accommodation is on the rise in the United States. While lead times may be shortercompared to 2023, possibly due to economic uncertainty, demand remains high, with bookings
expected to surge between 13% and 21% through June.

l& Corporate Travel Agency Consolidation
The corporate travel technology landscape continues to consolidate, as evidenced by American
Express Global Business Travel’s acquisition plans for CWT, valued at $570 million. This
consolidation aims to offer clients more comprehensive and integrated travel management
solutions, reflecting the ongoing evolution of the corporate travel sector.

¬& Advancing Corporate Stays Through  
AI-Powered Personalisation
Corporate accommodation providers are embracing AI-powered personalisation to elevate theguest experience. As AI technology becomes more sophisticated, travellers can expect a
concierge-style search experience that offers tailored options aligned with their preferences andneeds, streamlining the booking process and enhancing guest satisfaction. 

Hotels and corporate accommodation providers leveraging AI-driven personalization tools like
Allora.ai stand to gain a competitive edge by delivering customised guest journeys that drive
higher conversion rates and revenue growth.

Ý& Hybrid WorkAs hybrid work models become the norm, corporations are redefining their approach to corporate
accommodation. They need flexible accommodations that support both in-office and remote work.
With employees opting for a blend of home and office environments, corporate accommodation
providers are witnessing a shift in demand toward spaces catering to collaborative in-person
meetings and remote work setups.

This trend underscores the importance of creating adaptable workspaces within corporate
accommodation facilities to accommodate diverse work preferences and foster a culture ofinclusivity and productivity amidst changing work dynamics.

www.altovita.com

Corporate Accommodation Trends I Q2 202404

&- Sustainable Travel
Sustainability continues to emerge as a critical focus this quarter. With over half of respondents
attributing higher budgets to meeting ESG requirements for sustainable travel, corporate
accommodation suppliers are expected to align offerings with eco-friendly practices to cater tothe changing demands of businesses prioritising environmental responsibility.

c- Strategic Expansion ThroughAcquisition of Distressed Stock
Corporate accommodation providers increasingly leverage opportunities to acquire distressed
stock in the hospitality sector, signalling a strategic shift towards growth and market
consolidation. As the industry seeks to rebound from pandemic-related challenges, corporate
accommodation suppliers are capitalising on acquisitions to expand their portfolio, enhanceservice offerings, and strengthen their foothold in key markets.

¡- Global Hotel Groups Continue Extended-Stay Focus
Major hotel chains continue to expand their brand portfolio by venturing into the extended-staymarket segment. International hotel groups are introducing and growing new extended-staybrands and transforming existing properties to cater to longer stays, featuring amenities like
kitchens and fitness centres across all markets.

For example, this is a common strategy in the Middle East, where groups like Marriott aredeveloping branded residences for long-term visitors to capitalise on the growth of the region's
business sector.
www.altovita.com

Corporate Accommodation Trends I Q2 2024

05

Regional Reports
EuropeHelsinki-based Bob W secured €40 million in a Series B funding round to enhance
technology and fuel rapid expansion across Europe. This investment, the largest to
date for the company, will support Bob W’s mission to blend local authenticity withhotel-quality standards and technology-driven guest experiences. 

In partnership with Invesco Real Estate, NUMA Group is entering the Danish market
by launching 36 new units in Copenhagen’s Nørrebro district. NUMA Copenhagen
aims to open in early 2024 and offer modern and sustainable living with furnishedapartments, balconies, and a rooftop terrace. This expansion into Denmark marks anessential step in NUMA’s growth in the Nordic countries and across Europe as itleverages its digital platform for efficiency and cost savings.

UK-based Native Places has announced the expansion of its aparthotel portfolio,
including the renovation of its Glasgow property and the upcoming opening of Native
Fulham Broadway in London in 2025. The expansion reflects the company’scommitment to merging historical charm with modern amenities amid growing
demand for more extended stays within the hospitality sector.

Staycity Group is set to introduce its Wilde brand in Bordeaux, France, in 2026 as partof an “urban haute couture” development. This 113-unit aparthotel, featuring two
restaurants, a rooftop venue, and additional amenities, highlights Staycity’s ongoing
expansion in France and Europe.

www.altovita.com

Corporate Accommodation Trends I Q2 2024

06

IHG has partnered with Andras House to launch Staybridge Suites Belfast, marking
the brand’s debut in Ireland. The 132-unit aparthotel, set to open by the end of 2027,
will be part of a new 13-storey development. This initiative is part of IHG’s broader
expansion in the UK and Ireland, which will see 1,000+ rooms added across nineprojects.

Hilton is set to introduce its Home2 Suites extended-stay brand to Western Europe
with a new property in Dublin, slated for opening in 2025. Through a franchise
agreement with JMK Group, this venture will feature 290 rooms and is positioned near
central company headquarters and Dublin’s key attractions. This marks a significant
expansion for Home2 Suites, highlighting the brand’s rapid growth and Hilton’scommitment to catering to the demand for extended stays in the region.

JMK Group has received a £28 million loan from the Northern Ireland Investment
Fund to develop a dual-branded Aloft and Residence Inn by Marriott in Belfast’s
Titanic Quarter. This significant investment, marking the fund’s largest loan to date,
will support the construction of the 228-bed project and create numerous jobs. 

Joivy, which aims to redefine residential solutions and services for European property
owners and investors, appointed William Parry as its General Manager for the UK and
Ireland. Parry, the former CEO of ALTIDO, brings significant experience fromoverseeing its growth and merger into a leading property management company.
Parry recently spoke at The Altos in London, which you can watch here. 

Bern in Switzerland secures the top spot for European expatriates’ liveability basedon its clean air and low crime rates. ECA International’s report highlights
accommodation availability issues in Copenhagen, now ranked fifth. Edinburgh leads
as the UK’s most liveable city. The report, evaluating 500 locations, also notes a
decline in Hong Kong’s ranking due to socio-political tensions.

www.altovita.com

Corporate Accommodation Trends I Q2 2024

07

The recent launch of a new home.ly block in Hendon marks a significant step in thecompany’s 2024 expansion plans. Upcoming projects include a block in Putney and an
expansion in Kings Cross, with more developments slated for February and March.

Cheval Collection has received planning approval for the 70-apartment Cheval
Maison — West Regent in Glasgow, which is slated to open in 2026. This expansion isa testament to the increasing global demand for serviced apartments and showcases
the trend toward flexible and profitable accommodation models. With this project,
Cheval Collection aims to further its presence in dynamic cities worldwide, indicating
potential for additional announcements shortly. 

Urban Rest has introduced Urban Rest Homes — a new offering of private residences
for extended stays. With locations in prime destinations across Australia, the UK,  and Ireland, Urban Rest is leading this innovative property category, exemplified by
The Cooper Street Home in Sydney — a modern, renovated townhouse offering luxury
and serenity.

Tech-based apartment provider and operator Limehome has significantly expanded
its presence in Austria by adding ten new locations since January 2023, nearly
doubling its portfolio to 600 apartments across 23 locations. This growth underscores
Austria’s importance to Limehome’s market, with plans for further expansion,
especially in Vienna and western Austria, as they seek long-term projects in diverse
property types. Limehome’s approach combines sustainability with technology tocater to the growing service demand.

www.altovita.com

Corporate Accommodation Trends I Q2 202408

Spotlight on Paris 2024

Navigating Corporate Housing During the
Olympic and Paralympic Games
Paris is bracing for an extraordinary season with the excitement of the Olympic
Games scheduled from July 26 to August 11, 2024, and the Paralympic Games from
August 28 until September 8. As a relocation or business travel manager, the influx ofan estimated 13 million tourists will undoubtedly affect planning.

The Challenge: Limited Availability andHigh Demand
Paris, a business travel and relocation hub, will experience a unique challenge in
2024. It’s the first time in the history of the Games that the opening ceremonies willtake place outside the traditional stadium setting — in the centre of the host city —  
a good analogy for the corporate housing inventory scene.

An estimated 80% of hotel room occupancy will be earmarked for Olympics-related
professionals, including athletes, their teams, and journalists. This significant
reservation and rooms blocked without confirmed bookings leave limited options forother professionals and tourists.

www.altovita.com

Corporate Accommodation Trends I Q2 2024

09

The Solution: AltoVita’s Extensive Network
AltoVita offers access to nearly 15,000 units in central Paris and the suburbs, ranging
from fully vetted private homes to serviced apartments, and caters to various
corporate housing needs.

An early block booking is essential, with inventory already being reserved and demand
expected to spike after the 12-month. AltoVita’s hospitality partners prioritise existingcustomers and longer stays, gradually opening up availability with nightly rates at thehigher end of the Best Available Rate (BAR). Block booking units is essential to secure
apartments if significant volumes need to go to Paris for over one month next
summer.

Group Bookings
with AltoVita
Making group bookings with AltoVita
is both convenient and flexible
 It’s easy to make complex, large-scale group bookings on the
AltoVita platform° There’s no need to enter check-in or check-out dates, as weknow significant group moves require flexibilit£
 Manage your group booking through a single booking
reference, saving you tim©
 Easily access individual guest status for an overview of where
your employees are at all times.
Navigating Paris’s bustling housing market during the Games will require foresightand strategic planning. By understanding the unique challenges and leveraging
AltoVita’s extensive network and flexible booking options, relocation and businesstravel managers can ensure a smooth experience during this unprecedented event.
Act now to maximise availability and cost efficiency and make the most of the Paris2024 Olympic and Paralympic Games.

www.altovita.com

Corporate Accommodation Trends I Q2 2024

10

North America
Marriott unveiled ambitious development plans in January 2024, with 573,000 roomsin the pipeline, indicating a potential 36% increase in its worldwide room count.
Emphasising a barbell strategy, Marriott focuses on luxury and midscale segments
while eyeing expansion in various markets. It is also expanding its Apartments by
Marriott Bonvoy brand across the US, Italy, and Saudi Arabia following the opening of
its first property in Puerto Rico. These apartments will feature amenities designed formore extended stays, including private bedrooms, full kitchens, and in-unit washers
and dryers. The expansion includes a 92-unit project in Detroit, a 50-unit development
in St. Louis, a 47-unit property in Courmayeur, Italy, and a 218-unit facility in Sindalah,
Saudi Arabia, enhancing Marriott’s global footprint in the serviced apartment sector.

Duetto, a provider of revenue management solutions, announced its acquisition ofMicerate, a dynamic pricing and booking engine specialised for meetings and events.
This strategic move reinforces Duetto’s commitment to innovative revenue
management, specifically focusing on enhancing offerings for the groups and events
sector.

LivAway Suites, an economy extended-stay brand, started its expansion into New
York with a project near Syracuse Hancock International Airport. With plans for a
nearby $100 billion semiconductor factory by Micron Technology, estimated to create
50,000 new jobs, LivAway Suites anticipates a surge in demand for extended-stayaccommodations. It plans to open its first properties in the summer and initiate
construction on ten additional locations in 2024.

www.altovita.com

Corporate Accommodation Trends I Q2 2024

11

Landing, the flexible apartment membership company, has teamed up with low-farecarrier Frontier Airlines to unveil the Nomad Pass in the US. The $1,495 monthly
subscription merges Landing’s Standby membership with Frontier’s all-you-can-fly
GoWild! Pass so members can enjoy furnished apartments across Landing’s network
while travelling to various Frontier destinations. 

IHG Hotels & Resorts’ midscale conversion brand, Garner, continues its global
expansion with new openings focused on reliable, relaxed stays. Committed toprioritizing guests’ core needs at an affordable price point, Garner aims to provide
comfortable spaces and dependable amenities for all travellers.

Extended Stay America achieved significant milestones in 2023, including a 20%
increase in franchise hotel openings and doubling the number of franchise owners.
The growth spans its range of brands and showcases the company’s commitment tomeeting the diverse needs of travellers through franchising initiatives.

InnVest Hotels, an asset management and construction company, has expanded its
portfolio by acquiring ten hotels in Ontario and Halifax, including four extended-stayproperties. This acquisition marks the company’s largest since 2007 and signifies its
confidence in the Canadian hotel market.

www.altovita.com

Corporate Accommodation Trends I Q2 2024

12

Local Lens
“Corporate accommodation trends are experiencing significant shifts as
the intern season rapidly approaches. One prominent trend is the limited
availability of corporate accommodation units due to high demand frominterns and temporary workers in tier 1 cities. While this trend is
expected, it contradicts the simultaneous narrative of a supposedly"softer" season. This surge in demand often leads to early bookings andcompetitive pricing. Additionally, there has been an uptick in requests in
tertiary markets, indicating a growing preference for alternative locations
outside major metropolitan areas. Companies are also placing a strongemphasis on cost savings, driving the adoption of budget-friendly options
and negotiation of favourable terms. These trends reflect a dynamic andevolving landscape in the sector, where flexibility, affordability, andstrategic location choices are paramount considerations for businesses
and their workforce. 

Additionally, Corporate accommodation continues to see demand forapart-hotel models, particularly in top-tiered cities. Sonder has recently
unveiled two new properties, The Craftsman & The Winfield, with
unparalleled luxury and convenience in downtown Los Angeles. The front
desk model ensures a seamless and personalised experience withattentive staff ready to assist guests around the clock. With a continued
focus on safety, guests enjoy peace of mind with secure entry systems
prioritising privacy. The locations are carefully chosen within walking
distance of many shops and restaurants for easy access to the vibrantenergy and diverse culinary scene of DTLA. Guests are immersed in acosmopolitan lifestyle while indulging in the comfort and sophistication ofpremium accommodations.”
Patrick Knudsen

Key Account Director of Global Corporate
accommodation, Sonder

www.altovita.com

Corporate Accommodation Trends I Q2 2024

13

Middle East & Africa
Frasers Hospitality opened its third property in Bahrain, the Fraser Suites Al Liwan
Bahrain, in the Al Hamala neighborhood. This addition is part of the Al Liwan mixeduse development and features 63 apartment suites offering premium extended-stayexperiences. The opening marks a significant milestone in Frasers Hospitality's
expansion in the Middle East as it enhances its global portfolio and contributes to thetransformation of Hamala into a lifestyle and residential hub.

Deyaar Development has introduced Rosalia Residences in Dubai's Al Furjan
community, with completion expected by September 2025. This project, Deyaar's third
in Al Furjan, features 117 one—to three-bedroom apartments and various amenities
that emphasize a high-quality urban living environment. Rosalia Residences aims to
set a new standard for comfort and living experience in the region,

Based in the UAE, Mubadala Investment Company aims to nearly double its
investment in Asia, targeting about 25% of its almost $300 billion assets by 2030.
Focusing on emerging markets such as China, India, Japan, and South Korea, thisstrategic shift underlines Mubadala's effort to enhance its presence in fast-growing
economies. 

Prop-tech startup and serviced apartment provider Movingdoors raised €1 million in
seed funding to expand its operations into Dubai. This funding marks a significant
step in Movingdoors’ growth strategy, enhancing its presence in the international
serviced apartment market.

Tumodo, a Dubai-based platform facilitating business travel bookings, secured $35
million in pre-seed funding from angel investors across the Middle East and North
Africa. With over 100 clients in the region, the funding will fuel Tumodo's expansion
across the UAE and into new markets in the Middle East and North Africa, aiming to
be operational in over 25 countries by 2026.

www.altovita.com

Corporate Accommodation Trends I Q2 2024

14

APAC
India’s MakeMyTrip reported a record-breaking quarter, marking a significant growthin the country's travel landscape. With the highest-ever quarterly gross bookings andprofits, the company highlights India's increasing share in the global travel market,
driven by growing disposable income and demand for outbound destinations. 

Bangkok-based spa and wellness firm GOCO Hospitality secured a significant
investment deal with Singapore's Temasek fund. This strategic partnership
underlines GOCO Hospitality's commitment to expanding its presence in the healthand wellness sector. 

The Indian city of Ayodhya has an ambitious $10 billion redevelopment plan, including
the inauguration of a new airport, upgraded railway station, and improved roadconnectivity, to transform the town into a major tourist destination, with projections
estimating over 50 million annual visitors. With increased interest in spiritual travel
destinations observed on platforms like Yatra Online and MakeMyTrip, Ayodhya has
experienced a surge in online searches and bookings.

Urban Rest Openings:
Urban Rest Parramatta
Opening March

12A Parkes St, Harris Park NSW 2150
Cinema Room, Communal Lounge
Area, Conference Rooms, Coworking Hub, Dining Room, Gym,
Indoor pool

Urban Rest Richmond Opening end of March
20 Swan St, Richmond VIC 3121

3

www.altovita.com

Urban Rest Sylvia
Park - Opening June

27 Lynton Road, Mount Wellington,
Auckland 1060, New ZealandCommunal Lounge Area, Gym,
Rooftop Terrace

Urban Rest St Kilda Opening May

1 Wellington St, St Kilda VIC 3182
Gym, Pool, Residents Lounge

Corporate Accommodation Trends I Q2 2024

15

Local Lens
Kana Kumoshita
Director

Amidst this, the demand for corporate accommodation is suddenly increasing not only
in well-known major cities like Tokyo and Osaka but also in deep areas unfamiliar to
Japanese people. Corporations seem to be grappling with the gap between demandand supply.

Originally, in Japan, the concept of corporate accommodation involved local
companies leasing properties or providing rent subsidies for their own employees
relocating domestically, mainly for single employees, similar to extended student

dormitories where meals are provided morning and evening. Nowadays, many

companies are phasing out these in-house dormitories.

In rural areas, hotel supply is limited, and there are often only simple

accommodations used by local infrastructure workers, such as construction

workers. Even if there are hotels, they are often not intended for long-termstays, resulting in many hotels tailored for short business trips with small beds

and TVs attached to the walls, occupying minimal space. In Kumamoto

Prefecture’s Kikuyo Town, which gained attention with TSMC’s expansion,

similar situations occurred, with neighbouring hotels being almost fully booked.

www.altovita.com

Corporate Accommodation Trends I Q2 2024

16

As one solution, long-term rental properties can generally be utilised ascorporate or temporary accommodation with the landlord’s understanding. Enplus
has been initiating partnerships with national-scale developers and managementcompanies to realize this approach nationwide. Through this initiative, whileachieving quality similar to that of urban areas may be challenging for projects

lasting 3-6 months or more, it is possible to set up project-based corporate

accommodation that ensures the quality of life of Assignees by securing living spaces

like 1BR or 2BR.  
The challenge of operating corporate accommodation in rural areas begins withgaining the understanding of local landlords who may be unaware of the presence of

foreign expatriates. Landlords’ concerns revolve more around how they areperceived by the local community than whether the rooms are filled. Therefore,

persistence is required in seeking understanding about the project, who will be

coming, their attributes, the impact on the local economy by providing thelandlord’s property, and how they can contribute. 

Explaining matters such as waste disposal, noise considerations, and respect for local
community rules to tenants will assure landlords of their property’s safe rental.
Enplus will continue to serve as a bridge between global corporate development andlocal landlords to provide corporate accommodation throughout Japan.”“Due to government-led initiatives suchas semiconductor and financial
deregulation, as well as the promotion ofrenewable energy, foreign capital
inflows into Japan are being revitalised.

www.altovita.com

Corporate Accommodation Trends I Q2 202417

7 Key Takeaways

On February 16, AltoVita hosted the inaugural edition of AltoTalks India in Bengaluru:
Navigating New Travel & Mobility Trends Through Technology. This pioneering event
introduced AltoVita's vision to the vibrant Indian market, a testament to ourcommitment to expanding the horizons of global mobility and business travel.

The need for connectivity, the importance of culture, and the art of not making
assumptions were the main topics delegates heard on stage. And while cost isimportant, admitted mobility and travel experts from some of the world’s largest
companies which are grappling inflation and rising prices, mobility programmes run
deeper than that. Here are 7 of the key takeaways.

1. Corporate Accommodation
as An Experience
AtkinsRéalis, a leading global design, engineering and project management firm,
sends staff to a range of destinations. Project durations can be long, often in remotelocations. Take nuclear plants, for example, or even NEOM — Saudi Arabia’s
ambitious Red Sea tourism project. For Mukta Palsay, Director, Global Mobility Shared
Services at AtkinsRéalis, sourcing the right accommodation plays a critical role.

“A nuclear site doesn’t get built near a city,” she said. “It can be a high-stressenvironment, so accommodation can be provided as a relief to them.” She added thatwith NEOM, some engineers may be at the Riyadh office, but some will be at the sites
where construction is going on.

www.altovita.com

Corporate Accommodation Trends I Q2 2024

18

She joked with moderator Shradha Mithal, Director of Client Partnerships at AltoVita,
that here it was more than simply asking if they preferred a red or green portacabin.
“.... But three weeks there, that’s a hardship location, (so) what is it that we can offer
them to bring them back to a city location for one week. The way we offer
accommodation support has to be moderated differently.” For the mobility leader, accommodation should not be implemented purely as afunctional aspect of a place to live, but needs to be looked at as the whole part of thelife the employee is going to live on an assignment. 

“Those conversations are changing. We’re having to educate our business a lot on
that,” she added.

2. Don’t Underestimate
Curiosity, or Culture
A mobility expert from a leading IT company shared his perspective on the outboundIndian traveller during one panel. He shared the four “Cs” — which resonated with theaudience. They aremf Curious. “Indians are generally curious, they want to know everything, anything,
about what’s happening around them. And they are quite curious about what’s
happening around the world.k
f Choosy: “Repeat travellers are quite choosy … It’s also about what do you get alongwith the house, the utilities/accommodation is not only the house, it also comesalong with a package.k
f Culture. “While a partner like (AltoVita) can bring in help with the house andviewing the houses, it’s also about the culture. If there is some education aroundthe culture part, that makes it easier for them — and less 'choosy'.q
f Cost. “As well as learning about a new culture, and gaining experience, they also
want to get something back. And that in today’s world is money.”www.altovita.com

Corporate Accommodation Trends I Q2 2024

19

For Carol Fergus, Director of Global Travel, Events & Ground Transportation at Fidelity
International, culture is key.

"I came to India with a perception that we had to have the best of everything, in termsof five-star hotels, the five-star residence," she told Jess Dunderdale, Senior Directorof Client Partnerships at AltoVita, during a fireside chat.

"I was quite put in my place when people were saying to me, well actually, we’re not
comfortable being in these hotels. We want a home-from-home feel. We want coliving together, where we are buddying with our travellers, getting to know ourtravellers. 

"Do not go back and think, because they’re going to London, that’s how they want to
live, that they want to be in a five-star serviced apartment. What they want is thatsomeone’s thought about my culture, what I’d like to eat."

3. Safety Even More Key
in Uncertain Times
A mobility expert from a leading IT company said safety remains key. “The two wars
that are happening today, whether it’s a ceasefire or slowing down, it does costbecause it’s a matter of safety,” he said. “Wherever you go, people support both sides.
How safe is the city, and how safe from a accommodation point of view?"

A word of caution also came for longer term assignees, as with 64 countries currently
going to the polls, the future is hard to predict.

www.altovita.com

Corporate Accommodation Trends I Q2 2024

20

4. The Power of Connectivity
Many panellists argued that service providers needed to be flexible, in order tointegrate into their own systems. 

“Today we’re definitely in conversations with current vendors to see where we canbuild APIs, look at technology, because … if my team needs to log into three or foursystems, and deliver their day-to-day work, it’s not the best way for them to manage
their work,” said Palsay from AtkinsRéalis. “It’s equally important for us to havevendors who are digitally savvy, or have a roadmap of a digital journey they’reembarking on, which we can partner with as well.”She said that it was complex managing vendors and expecting the same kind of
integrations in terms of the technology platform she was using for the assignment
programmes. 

Ravi Kumar Murthy, Global Mobility Partner at shipping giant A.P. Moller - Maersk,
added that while there were many good technology-backed products in the market,
they had to "snap-fit into each other, and deliver the value that each one of them
individually brings" in order to bring value to the company using them. 

He likened it to mobile devices: "They’ll be a need for things to actually start working
together, because when you look at some of these systems that work independently, it
is quite frustrating. 'Why can’t this charger go with this phone?' It’s as simple as that.”www.altovita.com

Corporate Accommodation Trends I Q2 2024

21

5. The Personal Touch Counts
When quizzed on how best to support employees before they relocate, Palsay told theaudience that AtkinsRéalis was focusing on a more personal touch. While documents
and other supporting information would be sent digitally, she was promoting more
one-to-ones with employees, to make sure they had received enough information, andto support them in case they had other questions.

The mobility manager of a leading consumer goods company revealed that her
company had set up a buddy programme, so the assignee was able to talk withsomeone who had actually lived in the same location before. She noted questions
could be as simple as: where do I buy bread in the morning?

6. Multigenerational Travellers
Have Different Needs
AltoTalks India also heard how different approaches to service and communication
were needed. While some employees want to have more hand-holding, others may
prefer a more contactless approach.  

AtkinsRéalis' Palsay said: "This is an industry that has a multigenerational population.
The expectation how they get supported is all kinds, either white-glove service, or thegeneration that says: “can I just have my assignment at the click of a button, is there aportal I can check, can I get updates on my mobile?

"Trying to meet the expectations of all those employees is our biggest challenge today,
and we cannot afford not to do either. "www.altovita.com

Corporate Accommodation Trends I Q2 2024

22

7. Pay Attention to the
4-Day Week
Delegates also heard why they should be paying attention to how some countries are
considering the four-day week, with one panellist citing a Gartner report that has
defined it as a trend to watch.

“Many employers are talking about a four-day working week," the mobility expert
from the leading IT company said. "It’s in a very nascent state. But if that’s going to bea reality, or if companies are going to test it, then assignees (will stay) three days with
their family, as opposed to two days. So they’ll need a better house, and morearrangements around the house which gives the family enough."

Meanwhile on remote work trends, A.P. Moller - Maersk's Kumar Murthy said: "Whenyou put all of this into perspective, where does your mobility design, policies andprocesses stand? Are we really with the times, or are we still catching up? I think a lotof the industry is still catching up."

JW MARRIOTT HOTELBENGALURU, INDIA

www.altovita.com

Corporate Accommodation Trends I Q2 2024

23

Legislative Updates
EuropeItaly enacted legislation mandating platforms like Airbnb to collect andremit tourist taxes starting in February. Airbnb implemented thisrequirement across more than 1,200 towns and cities, determining taxes
based on local rates, such as €1 to €5 per night in Venice, €3 to €7 inRome, and €2 to €5 in Milan. Airbnb commits to complying with newnational regulations on short-term rentals by reinforcing tax compliancemeasures amid ongoing efforts to combat tax evasion associated withsuch platforms.

The UK has announced reforms to planning laws in England that grant
local councils more power to regulate short-term lets in response toconcerns about accommodation availability and community impact.
Additionally, a new national register will be established to provide local
authorities with information on short-term lets in their areas, assisting incompliance with health and safety regulations and facilitating better
management of accommodation impacts.

The B Lab UK, which has accredited over 1,500 UK businesses since 2015,
is considering stricter standards for its B Corp accreditation. Under the
proposed changes, companies must meet minimum standards in all ninecore assessment topics, potentially scrapping the previous scoring
system. This could include requirements such as purchasing allelectricity from renewable sources and demonstrating engagement withstakeholders in critical decisions.

www.altovita.com

Corporate Accommodation Trends I Q2 2024

24

EY reportedly now uses turnstile data to monitor office attendance among
UK staff to gain insights into workspace utilisation trends. This move
underscores a growing trend among companies to adopt technology for
workforce management and adapt to evolving hybrid work models.

A UK judge has ruled against a manager at the Financial Conduct
Authority who sought permanent permission to work from home. The
decision underscores the ongoing debate surrounding remote work
arrangements and highlights employees' challenges when seeking
flexible working options within regulatory frameworks.

French lawmakers are debating a proposed law to grant local authorities
increased authority to regulate short-term and vacation rentals, citing
concerns over accommodation shortages and overtourism. If enacted, thelaw would require landlords to allocate a portion of their rental units forlong-term accommodation and eliminate tax advantages for short-term
holiday rentals, potentially impacting platforms like Airbnb, which
operates significantly in France.

Belgium is the depository state for the Framework Agreement on crossborder telework within the EU, EEA, and Switzerland. This agreement lets
workers and their bosses make special arrangements if they live in one
country but work for a company in another. If both the worker and theboss agree, they can follow the work rules of the country where theircompany is based, as long as they spend less than half their time working
from home in their own country.

www.altovita.com

Corporate Accommodation Trends I Q2 2024

25

United States
New York Mayor Eric Adams’ administration is proposing changes to city
regulations to facilitate more conversions, including expanding eligibility
criteria and permitting a more comprehensive range of conversion
formats like shared accommodation and dorms, alongside eliminating
parking mandates to encourage accommodation development. The Office
Conversion Accelerator program reflects the city’s commitment toaddressing accommodation shortages and adapting to post-pandemic
economic shifts, potentially serving as a model for other urban centresworldwide.

Airbnb is implementing a significant change effective April 1, 2024: It will
introduce an additional fee of up to 2% for bookings made in a currency
different from the host’s set currency, which will impact international
bookings with potential guest service fees reaching up to 16.2%. Thisupdate aims to manage Airbnb’s currency risk and could influenceinternational booking patterns, necessitating vacation rental managers’
understanding of strategic adaptation in a global market. Hosts withmany cross-currency bookings, particularly those in tourist hotspots,
diverse currency environments, seasonal variations, cultural events, longdistance travel destinations, and high-end rentals, must pay close
attention to these changes and consider adjusting their strategies
accordingly.

A homeowner in Las Vegas faces a hefty $180,000 fine for operating anillegal short-term rental as the city and county crack down on suchlistings. The case underscores ongoing tensions between homeowners,
tenants, and regulatory bodies regarding short-term rental operations in
the area.

www.altovita.com

Corporate Accommodation Trends I Q2 2024

26

Middle East & Africa
The Western Cape Government in South Africa is seeking public input ona remote working visa — an initiative that aims to attract skilledindividuals, facilitate foreign investment, and stimulate economic growthby allowing digital nomads to work in South Africa while spending theirearnings there.

From February 22, 2024, nationals from Bahrain, Kuwait, Jordan, Oman,
Saudi Arabia, and the United Arab Emirates must apply for an Electronic
Travel Authorisation (ETA) for travel or transit through the UK. The ETA,
which costs GBP 10 and is valid for two years, facilitates visa-free travel
for up to six months per visit. This move is aligned with the UK's broader
digital immigration system plans to enhance border security and monitor
traveller movements.

www.altovita.com

Corporate Accommodation Trends I Q2 202427

Checking in from
Saudi Arabia
Fatine El khayyari, Sourcing Manager at AltoVita, visited
Riyadh and Jeddah — two dynamic cities where
accommodation operators struggle to satisfy high demand
from tourists and business travellers alike.

“During my visit to both Riyadh and Jeddah in
February 2024, I saw first-hand how accommodation
providers were experiencing full occupancy, withproperties such as the Hilton in Riyadh — the largest
hotel in the city featuring both residential and hotel
towers — being completely sold out.”“During my research, my visits to hotel rooms were confined tovery brief windows between check-ins, check-outs and cleaning
sessions to take photos before guests arrived. This phenomenon
was wider than international chains; local brands experienced thesame level of demand. Whether it was Hilton, Ascott or the more
locally known operators, all were sold out with long queues ofguests waiting to check in.

“The situation highlighted the incredibly high demand foraccommodations in these cities, affecting global and local
hospitality brands.

www.altovita.com

Corporate Accommodation Trends I Q2 2024

28

“In Riyadh, locals are excited about The Mukaab — a 400-metre tall
cube-shaped skyscraper in the al-Qirawan district. As well as
NEOM being built on the Red Sea, construction is picking up pacein the city. 

“So too in Jeddah, which is undergoing renovation as newapartments are built, all with sustainability in mind, to reflect the
kingdom’s Green Initiative.

“I was also struck by the number of event management companies
that are staying in Riyadh, as Saudi Arabia focuses on big-ticket
events to attract tourists and conference goers, including tech
event LEAP.”

www.altovita.com

Corporate Accommodation Trends I Q2 2024

29

APAC
Japan is addressing demographic challenges and declining tourism byintroducing a nomad visa to entice wealthy remote workers. This initiative
aims to rejuvenate the economy by welcoming individuals seeking to work
remotely while experiencing Japan's rich culture and landscapes. The
development of this visa reflects Japan's proactive approach toharnessing the potential of remote work to stimulate economic growthand community development.

Starting from Valentine's Day, foreign tourists planning to visit Bali are
required to pay a 150,000 rupiah (£7.60; $9.60) entry levy. This tax is
crucial in preserving the island's environment and culture. It's atestament to Bali's commitment to sustainable tourism practices, evenamidst its popularity as a global destination. Indonesia is meanwhile
poised to enforce a substantial rise in the national entertainment tax,
ranging from 40% to 75%, drawing concerns from Bali's entertainment
and tourism sectors. The tax applies to venues like nightclubs, spas, andbeach clubs, potentially impacting local businesses and tourists.

www.altovita.com

Corporate Accommodation Trends I Q2 2024

30

Major Events
Impacting Pricing
North America¢ Adobe Summit—Digital Experience Conference: March 26–28, Las Vegas. This conference
focuses on digital trends, skills building, and networking with industry leaders​​u¢ SXSW (South by Southwest): March 8-16, Austin. A unique mix of music, film, arts, andtechnology for a comprehensive cultural and professional experience​​u¢ Google Cloud Next: April 9-11, Las Vegas. It covers IT security and generative AI, essential forbusinesses using Google's technologies​​u¢ Automate—Robots, Vision, Motion, Solutions: May 6-9, Chicago, IL. This event focuses on
industrial automation and features numerous exhibitors and speakers​​u¢ PaymentsEd Forum: July 29-31, Washington DC. The forum aims to enhance operational
excellence in the payments realm​​u¢ Black Hat USA 2024: August 3-8, Las Vegas. This is a major cybersecurity event that will
include training sessions, speeches, and networking​​u¢ Automation Fair – Rockwell Automation: November 18-21, Anaheim, California. The event
offers learning and networking opportunities in automation and manufacturing​​.

www.altovita.com

Corporate Accommodation Trends I Q2 202431Europe Mobile World Congress (MWC): February 26-29, Barcelona, Spain. This is a major event
focusing on the connectivity ecosystem, including blockchain and robotics​​w
 MPI European Meetings and Events Conference (EMEC): March 3-5, Luxembourg. Unites theglobal meeting and event community in Europe​​w
 ITB Berlin: March 5-7, Berlin. Leading travel trade show, offering opportunities for the tourism
community​​w
 Future of Information and Communication Conference (FICC): April 4-5, Berlin, Germany. This
event is for communication, data science, computing, and IoT​​professionalsw
 Running Remote: April 22-24, Lisbon. Focuses on remote and flexible working strategies​​w
 Viva Technology: May 22-25, Paris, France. Europe's biggest tech conference, attracting
startups, investors, and executives​​w
 Dublin Tech Summit: May 29-30, Dublin, Ireland. This event draws C-suite executives fromleading brands and offers networking opportunities​​w
 Money 20/20 Europe: June 4-6, Amsterdam. This is the premier financial services event
focusing on payments and fintech​​w
 PRWeek Crisis Communications Summit and PR Daily's Media Relations Conference: June
2024, Location TBA. Addresses crisis communications and media relations for PR
professionals​​w
 Web Summit: November 11-14, Lisbon, Portugal. Significant gathering for tech industry
leaders​​.

www.altovita.com

Corporate Accommodation Trends I Q2 2024

32

Middle East & Africaz Africa Tech Summit: February 14-15, Nairobi, Kenya. Essential for entrepreneurs andinnovators in the African tech ecosystem​​R
z LEAP 2024: March 4-7, Riyadh, Saudi Arabia. Features 1,000+ speakers on smart cities, healthtech, and more​​Rz Future Sustainability Summit: April 16-18, Abu Dhabi, UAE. Focuses on sustainable solutions
and technology for future development​​Rz Seamless Middle East: May 14-15, Dubai. Draws 25,000 attendees and 500 exhibitors, focusing
on payments and fintech innovation​​.

APAC
z SIBOS: September 21-24, Beijing. SIBOS is a pivotal global financial services event, drawing
thousands of attendees and potentially impacting Q2 preparations​​.

www.altovita.com

Corporate Accommodation Trends I Q2 2024

33

Smart, Safe, Sustainable
Living for Employees
Anywhere in the WorldGet in touchwith us!
Learn More!

www.altovita.com
client@altovita.com