STAYCITY TARGETS EUROPE FOR HEALTHY BUSINESS MIXPublish date: Wed 08 Jul, 2015
THE UK, France, Germany, Spain, Italy and the Nordics are target areas for expansion for leading aparthotel operator Staycity, which will operate over 2,000 apartments by the end of 2016.
Speaking at today’s Serviced Apartment Summit in London, Staycity chief executive Tom Walsh said that many of the key European cities offered a healthy mix of business and leisure guests. This, coupled with a current undersupply of serviced apartments, has prompted the company to actively seek properties across Europe.
“These markets are very resilient in tough times and show impressive trading in good times so they are the obvious places to gain a foothold. The mix of business also suits the Staycity offer and gives us a balanced customer base,” said Walsh.
Dublin-based Staycity currently operates 1,000 apartments across eight European cities including Birmingham, Dublin, Edinburgh, Liverpool, London Heathrow, London Greenwich, Manchester, Paris and Amsterdam.
In March 2015 Staycity obtained in excess of €20m-worth of capital funding from Swedish investment firm Proventus Capital Partners, enabling it to accelerate expansion plans.
New Staycity apartments will open this year in Lyon and Birmingham Newhall Square with further openings next year in Marseille, Covent Garden and York. By the end of 2016 Staycity will have doubled in size.
“It’s an exciting time for Staycity. We are currently seeking properties across our key target markets and have a healthy ongoing development pipeline and a number of deals to be announced shortly,” he added.
About Staycity Aparthotels
Staycity Aparthotels is a privately held company based in Dublin offering quality short-term and long-term apartment and aparthotel lettings in central city locations. These include Dublin (179 apartments), Edinburgh (146), Manchester (266), Liverpool (56), Birmingham (249), London Heathrow (269), London Greenwich (166),Paris (50), York (197), Marseille (108) and Lyon (144). With a total estate (pipeline and operating) totaling over 4,500 apartments the company is on target to achieve its stated aim of 15,000 apartments by 2022.
Staycity Aparthotels was founded in 2004 by Tom Walsh and his brother Ger, starting with a single apartment in Dublin’s Temple Bar, a former recording studio used by the likes of U2.
With an active European expansion plan Staycity has quickly established itself as one of the leading aparthotel operators. Projected annual turnover for 2017 is expected to reach €60m.
Staycity’s properties are made up of studios, one-bedroom and two-bedroom apartments offering 24-hour reception, fully equipped kitchens or kitchenettes, a dining area, sitting area and bathroom. Additional features include complimentary Wi-Fi access, flat-screen TV and guest laundry facilities as well as weekly housekeeping. Most sites have private car parking facilities and many offer a dry gym. All latest generation properties, such as London Heathrow, York, Birmingham Newhall Square, Lyon and Marseille have a guest lounge/café for breakfast, all day snacks and beverages.
In 2015 Staycity Aparthotels won the Industry Breakthrough Award at the Association of Serviced Apartment Providers (ASAP) Annual Awards as well as being inducted into the Tripadvisor Hall of Fame for its Dublin (Saint Augustine Street) and Birmingham (Arcadian Centre) locations for five consecutive years. In 2016 Staycity was highly commended in the Serviced Apartment Business of the Year Award Corporate category at the ASAP Awards while in 2017 Staycity Aparthotels York Paragon Street was a finalist at The Serviced Apartment News Awards under the Best Aparthotel category. The company also gained four nominations in the recent Serviced Apartment Industry Awards.