Serviced apartments, which are self-contained units with kitchen and seating facilities, have been responsible for a dramatic shift in traveler’s preference over the last decade, according to industry reports. Bridging the gap between hotels and full-blown property leases, these accommodations have won a loyal following especially among business travelers, noted Robert Rosetti, Oakwood general manager.

He cited Oakwood Premier Ayala Center, which enjoyed an 83.31% occupancy rate in 2005. The figure is significantly higher than the industry rate of 71%.

"Travelers are attracted to Oakwood because of our central location, larger and more comfortable spaces," explained Christine Gella, director of sales of Oakwood Ayala Premier Center.

A significant 87% of Oakwood’s guests are business travelers. They appreciate the flexibility of Oakwood’s rooms and know that all their needs will be served – whether they stayed for only a night or for extended periods, according to Rosetti. Also of critical importance is Oakwood Premier Ayala Center’s central location. It is in the heart of Makati and within walking distance of shopping malls, restaurants and the Makati Central Business District, headquarters of majority of the country’s top 100 corporations.

According to Gavan James, Los Angeles senior vice president and general manager of Oakwood, the industry is now worth billion a year in the US alone. Of this, Oakwood claims 0 million.

"The growth of serviced apartments is really on a trend of travelers who want more comfortable and more home-like rooms," James said.

Although the serviced apartment concept is only starting to gain popularity in the United States and Europe, it is well established in the Asia-Pacific Region. Oakwood Premier Ayala Center was established in 1998, the first of its kind to be built in the Philippines and the industry leader.

It has inspired other serviced apartments in the region where Oakwood is fast changing the skyline in many Asian cities with the construction of 12 new Oakwood properties in China, India, Indonesia, Japan, Thailand and Bangladesh. The new projects will bring 2,000 new units scheduled to be completed within the next two years.

Oakwood Premier Ayala Center has 306 rooms where each unit has an entertainment area, broadband Internet access, a full kitchen, and laundry facilities. Aside from the rooms and other hotel facilities such as a health club, swimming pool, business center, meeting rooms and restaurant, Oakwood staff goes the extra mile to provide guests excellent service. Hence, repeat guests allowed Oakwood to meet and exceed its sales target, observed Rosetti.