Cologne, 17. November 2022

ipartment with a maximum occupancy rate is expanding

Serviced apartment operator ipartment reports full occupancy and a turnover exceeding pre-covid status at the end of year 2022. The growth trend will be strengthened and expanded with strategic restructuring, new boarding houses and offers in 2023.

Ralph Stock und Matthias Rincón © Stefan Finger Photography

All boarding houses of the ipartment brand are almost permanently booked out after the covid period and, with an average occupancy of 93%, are above the previous peak values and consequently above the usual market booking rates between 80-90%. ipartment has been on the market since 2010 and has specialised in the serviced apartment segment for business long-stay. "Demand at all 14 locations is high and rising. We had calculated a best-case scenario for this year and next year, which has already been exceeded," says Ralph Stock, Managing Director of ipartment GmbH, happily. Matthias Rincón, also managing director of ipartment, adds: "For 2022, the revenues are within the expected range. In 2023, we consider a target of 18-20% return on sales for the ipartment group to be realistic." Around 15 million euros in revenue will be generated by the ipartment group in 2022, with 19 million targeted for the coming year. Thus the company is continuing its strong expansion course, which began in 2019. Three new openings are currently scheduled for 2023, and the forecast for 2024 is two to three new locations.

A wide-ranging growth concept

The planned increase in turnover will be generated by ipartment from restructuring prices and offers. In addition to a fundamental adjustment of booking prices as well as price increases at the newly opened properties, ipartment will additionally introduce short- and midstay options at selected locations. "Our structure allows us to integrate up to 25% short-term stays of less than 29 nights," explains Matthias Rincón. The two airport locations in Frankfurt am Main ("Gateway Gardens", 177 units) and Berlin-Brandenburg (BER - "The Unique", 156 units), which opens in 2023, as well as the large ipartment house in Braunschweig (120 units) are planned for this. "We continue to be in the moderate range for booking prices. The price-performance ratio also remains very good," explains Ralph Stock. The company founders currently identify Berlin in particular as a growth market. In addition to the exclusive boarding house near the "Kurfürstendamm", which had already opened in summer 2022, they will soon bring two more objects to the market and be represented with a total of 230 units. Further projects are planned in Munich and Cologne. The cathedral city is ipartment's home town, where it has been created many years ago and where it offers three locations with a total of 100 serviced apatments. Soon, another large boarding house is to be built here with an expected total of 150 business apartments including the headquarters of ipartment.

Further increase in quality and new offers

The digitalisation of the houses, which has been operated by ipartment since 2019, increases the efficiency and quality of the offers. Consequently, many processes can be handled more quickly and autonomously by the customer, and the teams on site have more time for personal guest care, which is very important to ipartment and is part of the brand essence in addition to the special design equipment and the specialised business services. For the three houses, which will in future have an additional focus on short- and mid-stay, ipartment has developed a new breakfast concept that supports guests' self-catering for shorter stays by allowing them to have access to a prepared breakfast with fresh pastries. In addition, ipartment will offer a mobility concept with in-house electric scooter rental in the future. The pilot project will start in 2023, initially at "The Unique" at Berlin-Brandenburg Airport.

About ipartment

Based in Cologne, ipartment GmbH was founded by Matthias Rincón and Ralph Stock in 2010 and operates serviced apartments in attractive business locations. These include: Frankfurt am Main, Cologne, Essen, Hamburg's HafenCity, Böblingen, Wolfsburg, Darmstadt and Braunschweig. ipartment currently manages a total of 14 serviced apartment buildings in German-speaking countries. The company is currently expanding its offer with properties in Leverkusen and Berlin. With three new houses - Charlottenburg, Mitte and at the growing airport location Berlin-Brandenburg (BER) - ipartment will offer a broad portfolio of 230 serviced apartments in the capital from 2022/23.

ipartment – award-winning and prize-winning

// So!Apart 2019: Special Award // German-Brand-Award 2018 „Special Mention" // Winner German-Design-Award 2018 // Winner Iconic Architecture Award 2017 // Winner German Brand Award 2016 // So!Apart 2014 und 2015: ipartment Frankfurt ist „Deutschlands Bestes Apartmenthaus“