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Serviced residences vs. hotels: what’s the difference?
Posted May 25, 2023
While hotels have traditionally been the go-to option for travelers, serviced residences are becoming increasingly popular, especially among traveling business people, for many great reasons.
But before we dive into why, what are serviced residences? In a webinar with The Philippine Star and PropertyGuru PH, Torre Lorenzo Development Corporation (TLDC) CEO Tomas P. Lorenzo defined serviced residences as “a hybrid of a hotel and an apartment,” where people who would want to stay for weeks to months can stay in a fully-furnished unit. It provides the comforts of home and the convenient services of a hotel!
Definition aside, how different are serviced residences from hotels? Here are a few ways they are different:
1. Serviced residences provide the home-away-from-home stay experience.
While you have the comforts and space of home, you also have the convenient services of a hotel, such as a 24/7 front desk, security, housekeeping, maintenance, engineering, airport transfer, and guest programs. While hotels and serviced residences are both seasonal in terms of bookings, long-term leases from serviced residences offer stability on rentals.
2. Serviced residences are fully furnished.
Serviced residences are your home in this corner of the globe, while enjoying the convenient services of a hotel. Because these were designed for long stays, serviced residences have everything a person needs in terms of furniture, from dining tables to kitchens to even a washing machine! A fully-equipped kitchen allows guests to prepare dishes and save money on dining out, while hotel services like housekeeping and room service are just a call away.
3. There’s room for everything and everyone
Serviced residences are roomier than your typical hotels and have separate sleeping, living and dining areas. You can also choose from studios to units with up to two bedrooms, ideal for solo up to a group of travelers.
4. Serviced residences are often ideally located and conveniently close to several places such as business districts.
Like hotels, serviced residences are ideally located. It is near go-to tourist destinations making it an ideal home base for leisure travelers. Serviced residences are also near or within the corporate business districts which provide unparalleled convenience to business executives on extended project assignments.
For example, Torre Lorenzo Malate, which houses The Suites and lyf Malate Manila, is located in the heart of Manila, so it is not only close to leisure spots, cultural heritage areas, hospitals, and schools but also near diplomatic offices like the US Embassy, the World Health Organization’s regional office, the country office of the International Monetary Fund (IMF), the Philippine Central Bank, and the Department of Finance. Additionally, it is also near trade shows, exhibitions, and conference venues such as the Philippine International Convention Center (PICC), World Trade Center, and SMX Convention Center.
Torre Lorenzo Malate (TLM) is a unique three-in-one integrated-use development by Torre Lorenzo Development Corporation (TLDC), serving as one of TLDC’s entries into the serviced residences market. While the premium residential units at The Residences have been turned over, two upcoming projects in the building are scheduled to open on June 30, 2023: The Suites at Torre Lorenzo Malate and lyf Malate Manila, two distinct serviced residence offerings that are managed by The Ascott Limited, one of the biggest international lodging operators in the world with a strong, loyal global network of corporate clients.
The Suites boasts itself as a hassle-free investment opportunity to diversify your investment portfolio, with its units being automatically enrolled within the Residence Rental Program. With the recovering hospitality sector, unit owners are poised to have positive yields from unit leases.
What are you waiting for? Make the best investment and choose the Suite Life today!
