According to The Business Post, Irish aparthotel operator Staycity Group has opened new properties in Germany and France, its first new locations since the COVID-19 pandemic began.
The group, whose investors include property magnate Stephen Vernon, outlined plans to add ten more locations in Europe during 2021 and 2022.
Locations opened this month by Staycity include a 299-room hotel and short stay apartment property in Heidelberg near the railway station in the German city.
Speaking to The Business Post, Tom Walsh, co-founder and chief executive, said “Heidelberg is one of the best-performing hotel markets in Germany and equally popular with business and leisure travellers.”
Elsewhere, the group opened a 125-unit aparthotel in Bordeaux near the city’s riverfront area.
The company currently operates a portfolio of about 3,000 apartments in 12 European cities, including Berlin, London, Paris, Marseille, and Venice.
It aims to increase that figure to 5,000 apartments by the end of this year, with plans to eventually reach 15,000 apartments.
May Bank Holiday
In Britain, where it has 11 locations, occupancy reached 85 per cent over the May bank holiday.
“This compares favourably to the same weekend in 2019 when occupancies were 91 per cent,” said Paula Mullaney, senior commercial director of Staycity.
Established in 2004 by chief executive Tom Walsh and his brother Ger, Staycity’s turnover grew 14 percent to €78 million in 2019.Before the pandemic, it was targeting revenues in 2020 of €100 million.In November last year, the group announced a €70 million debt and equity refinancing through the state backed Ireland Strategic Investment Fund (Isif) and British bank OakNorth, enabling it to emerge from the pandemic fully capitalised.Green Reit co-founder Stephen Vernon’s philanthropy vehicle the John Pollard Foundation acquired a 5 per cent shareholding in the company in 2019, worth around €6 million, and joined its board.Last year, he was among the existing shareholders who committed €7 million in fresh equity to the group.
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