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Q2 2008 Client Newsletter |
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Monday, July 21, 2008 |
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BridgeStreet Worldwide Expands
throughout EMEA |
BridgeStreet expands throughout EMEA, continuing to provide total quality accommodations in key gateway cities that have a high level of business and leisure travelers seeking an alternative to traditional accommodations.
Already the largest serviced apartment provider in the United Kingdom and a full destination services provider in France, BridgeStreet's portfolio is growing in:European expansion came about in direct response to a growing number of multi-national corporations who seek longer-term accommodations of superior quality for their executives.
"These new destinations are among 50 international strategic markets we are targeting, where over the next three to five years, we plan to expand our presence, significantly enhancing our leadership position in the serviced apartments sector," explains Stephen Hanton, Managing Director-EMEA.
BridgeStreet's goal in Europe, as in the U.S., remains meeting and exceeding clients' needs for product and service quality in serviced apartment accommodations and to be the easiest serviced apartment provider to do business with.
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500 Million in Development Projects - Property Spotlights
With development projects valued at over $500 million underway in 2008, BridgeStreet Worldwide is forecasting another record breaking year and is excited to bring purpose built, 4-star quality serviced apartment buildings in key US and European destinations.
S505 - Chicago
Opening Fall 2009 |
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S48 - Manhattan
Opening Spring 2009 |
- In the heart of Midtown, Manhattan - a 43-floor residential skyscraper
- 122 apartments with spectacular views of the Hudson River and Downtown
- Spacious luxury residential building with impeccable services and premium amenities.
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S34 - Manhattan
Opening Spring 2009 |
- A Manhattan high rise, opening fall of 2008
- 110 spacious apartments located one block from the Empire State Building
- State-of-the-art fitness studio, 24-hour concierge - outstanding services and amenities
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St John Street EC1
Opening Spring 2009 |
- A mixed-use development in the trendy Clerkenwell area of London
- 48 apartments with European designed kitchens and baths
- Landscape gardens - a contemporary haven in the heart of the city
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BridgeStreet continues its aggressive approach to expansion through property acquisitions and management. By diligently seeking new opportunities we are able to offer our clients accommodations in areas of high demand.
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Connecting with
Government Travelers |
Federal civilian employees and U.S. military personnel collectively represent more than $150 million in annual long term housing expenditures. These travelers have specific considerations when it comes to long term travel - per diem rates, highly secure accommodations and detailed billing requirements to name a few.
In April, BridgeStreet Worldwide acquired Temporary Quarters and signed an agreement with Madison Hospitality to develop business opportunities within the government and military market segments of the corporate housing industry.
These firms have built an outstanding reputation for product and service quality in addition to their market segment expertise. We look forward to partnering with this talented team to cater to the government and military segment around the world.
This acquisition is part of BridgeStreet's overall strategic plan to bring unique housing solutions and integrated supplier management tools to government and military personnel.
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easySourceSM
Supplier Management Technology |
Many clients came to BridgeStreet with the challenge of managing multiple temporary housing providers while finding the best-fit budget and services to provide a traveler. In recognition of this essential need, BridgeStreet developed easySourcesm, a corporate housing portal that automates the housing request process while introducing a complete supplier management tool.
Corporate housing buyers fill out an accommodations request form and easySourcesm submits the request on their behalf to a global network of providers. Counselors receive consolidated reports with responses from those providers with multiple offers that meet their requirements and select the best option based on side-by-side comparisons.
easySourcesm provides real-time visibility into the procurement process, ensures supplier compliance with company policies & procedures and supports accountability to finding best accommodations solution.
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New Strategies for Temporary Housing
Solutions - ERC Panel Discussion
| Worldwide ERC held its 2008 National Relocation Conference May 7-9 in San Antonio, Texas. BridgeStreet Worldwide hosted a panel discussion on "New Strategies for Temp Housing Solutions" featuring President & CEO Lee Curtis. Other panelists included Mark Koepsell of Cort Furniture, Jennifer White of Prudential Relocation, and Bernadette Ruby of Extended Stay Hotels.
The discussion focused on several emerging trends in the relocation industry. These include a significant increase in requests for longer temporary housing stays and requests for exceptions to standard relocation policies. Other interesting findings emerged:
What is the biggest complaint of transferees regarding any aspect of temporary living?
- Cost 30%
- Length of Stay/Notice to Vacate 20%
- Comfort 17%
- Location 13%
- Condition/Maintenance 13%
What are the top three items that transferees request regarding their temporary living quarters?
- Amenities 40%
- Location 24%
- Cost 7%
A strong theme of the session - and of the conference in general - was the need to focus on cost containment in the current economic environment. It was noted that this is especially challenging given transferees' increasing demands for upscale accommodations and more amenities. Lee Curtis noted the natural tendency of corporate housing providers to try to meet these demands by adding upgraded bedding, additional technology options (flat screen TV's, stereo systems, wireless internet), and other amenities. This "amenity creep" can work at cross-purposes to the client company's goals of keeping costs under control.
Curtis emphasized the importance of engaging with key suppliers in long-term partnerships to meet the challenges of today's economic climate. Identifying the "cost of vacancy" as one of the major cost drivers for temporary housing providers, he discussed the benefits that can occur when the client company, relocation professional, temporary housing provider, and apartment supplier all work together to understand the transferee's needs and plan the most economical and effective way to meet those needs.
The session was very well attended, and included a lively question-and-answer period. ERC members can access the materials from the session through ERC at www.worldwideerc.org.
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Dedicated Reservations Desk
in EMEA Region |
During the first half of 2008, BridgeStreet phased in a European reservations center in London to fulfill the growing demand for serviced apartments from multinational corporate clients.
The London-based reservations desk gradually began taking an increased number of calls for stays in Luxembourg, Amsterdam, Milan, Moscow, The Hague, Dubai, Zurich, Brussels, Rome, and Barcelona as well as a host of other cities covered within the EMEA region. Today the EMEA centralized operations handles reservations from all European countries in 6 different languages!
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Green Friendly Building Opening
Atelier EC1 |
Atelier EC1 is one of the first serviced apartment buildings in London to benefit from green technology which results in over 10% of its energy use coming from renewable and self sustaining sources.
The power and hot water systems are provided with energy from photovoltaic panels on the roof. These incorporate an advanced form of solar panel technology utilizing light and sun energy.
The building has been built to comply with the Ecohomes rating of very good. This is especially relevant as many corporate users of serviced apartments are looking for accommodations that are environmentally friendly.
In addition, the building has been constructed to the latest energy efficient standards; all lighting and electrical installations are low energy and highly efficient. Other considerations for the environment include recycling with bin separation within the kitchens, standby lighting in the common parts and elevators.
Other amentities offered at Atelier EC1:
- Two elevators serving just 24 apartments
- 24 hour concierge
- Wifi & hard wired Internet
- Flat screen TV
- Luxury feathers beds from Sweden
- In room food service provided by the world famous Bleeding Heart Restaurant
- Luxurious interiors created by famous interior designers
Atelier EC1 will accommodate short-term and long-term guests by offering fully equipped serviced apartments on a daily, weekly, or monthly basis. The building - situated in the heart of Hatton Gardens, is opposite the well known Bleeding Heart Restaurant and within a 2 minute walk of Farringdon and Chancery Lane tube stations.
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NBTA International Covention
& Exposition Join Us! |
BridgeStreet is pleased to be exhibiting at the NBTA's 40th Annual International Convention and Exposition, being held in Los Angeles, CA July 27th-July 30th. Please stop by the BridgeStreet booth #1247A with any questions you may have as to how BridgeStreet can further assist your Company with housing & accommodations programs or just say hello to the BridgeStreet team!
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