Vertical Available, Demo Only
Corporate housing is a term in the travel industry meaning renting out a furnished apartment, condo, or house on a temporary basis to individuals, military personnel, or corporations as an alternative to a traditional hotel or an extended hotel stay. According to Corporate Housing Providers Association (CHPA), the industry’s tradeorganization, corporate housing revenue was $2.36 billion in 2009 and $2.47 in 2010. The corporate housing industry has been a significant growth segment of the lodging industry for the past 20 years.
Corporate housing and extended stay hotels are two different types of accommodations.
Corporate housing typically offers larger square footage, costs less than hotels, offers full customer service, and is used for stays averaging one month or more (the average corporate housing stay is 83 days, according to the 2011 Highlands Group Corporate Housing report; more than 100 days for Managed Corporate Housing Companies and 13% of CHBO property owners report their properties were rented for a year or longer, according to the 2012 “by Owner” Annual Report).
Corporate housing provides complete temporary housing solutions within a stable residential setting unlike extended stay hotels, which are surrounded by an open parking lot and are filled entirely by transient guests.
The apartment units managed by corporate housing companies are furnished and the corporate housing companies rotate clients in and out of the furnished apartments and clean them between guests.
Collierville is a town of large houses and considerable retail expansion. Smaller, older houses are still found in the heart of Collierville, mainly between Byhalia Road and Collierville-Arlington on the east and west and Shelton and Highway 72 on the north and south. Some industry, notably Pepsi and Carrier, still dots the areas located south of Poplar Avenue.
Collierville is home to the Avenue at Carriage Crossing, an 800,000+ sq ft shopping center which opened in October 2005. Baptist Hospital, Collierville, serves the medical needs of the town’s residents. Collierville will become part of the Interstate 69 highway plan integrating Bill Morris Parkway (SR 385) as Interstate 269, part of this USDOT project linking Canada and Mexico with the United States.
Collierville was chosen as one of Relocate-America’s Top 100 Places to Live in 2008. In 2014, Collierville’s historic town square was ranked by Parade Magazine as the “Best Main Street” in America.