Aparthotel brand Staycity has announced ambitious plans to open ten properties next year, following a £30 million loan from OakNorth Bank.
The group currently operates 21 properties under its Staycity Aparthotels and Wilde Aparthotels by Staycity brands, in locations including Berlin, Birmingham, Dublin, Edinburgh, Liverpool, London, Lyon, Manchester, Marseille, Paris and York.
The Irish-owned firm said that until the onset of the Covid-19 pandemic it had been on course to deliver revenues of €100m this year, and has targeted a figure of 15,000 apartments in operation by 2026/27.
Staycity was recently granted planning permission for a 310-apartment property in the Deansgate area of Manchester, which will be its fourth aparthotel in the city.
The group launched its premium Wilde brand in 2017, with the first property opening in London’s Covent Garden last year. For a review of the Wilde Aparthotel by Staycity, London Covent Garden, see:
Commenting on the expansion plans Tom Walsh, CEO and co-founder of Staycity, said:
“We very much enjoyed the process of refinancing with OakNorth and we are looking forward to working with the great team there for many years to come.
The pandemic has hit the hospitality sector particularly badly but being an aparthotel operator, we expect to have a faster recovery than traditional hotels as travellers seek the safety of self-catering accommodation and service at an attractive price.
“We fully expect to emerge in a strong position to move forward and fulfil our ambitious five-year business plan.”
The aparthotel sector has been experiencing rapid growth in recent years, with groups including Aparthotel Adagio and Locke both announcing significant expansion plans:
- Aparthotels Adagio to quadruple UK portfolio
- Locke plans nine aparthotel openings in European cities