Irish Aparthotel Operator Staycity Opens New Properties In Germany And France

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.

New Locations

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.

Original article by Dave Simpson on hospitalityireland.com

Stay up to date

Latest News

  • Retention of 9% VAT rate “crucial” to tourism industry
    Retention of 9% VAT rate “crucial” to tourism industry

    Dublin’s Ashling Hotel has welcomed the Government announcement that the 9% VAT rate will be retained for a further six…

    7 March, 2023

  • The Old Punch Bowl Of Dublin Hits The Market
    The Old Punch Bowl Of Dublin Hits The Market

    The Old Punch Bowl of 116 Rock Road, 1 Booterstown Avenue, Booterstown, Co. Dublin, has hit the market.   Details…

    7 March, 2023

  • Bar Sales Increased Year On Year In January
    Bar Sales Increased Year On Year In January

    According to the Retail Sales Index January 2023 (Provisional) and December 2022 (Final) report from the Central Statistics Office (CSO),…

    7 March, 2023

  • Ireland’s First ‘World French Restaurant’ Awarded To Chez Max
    Ireland’s First ‘World French Restaurant’ Awarded To Chez Max

    Chez Max, Dublin’s answer to a traditional French bistrot, and Chez Max Café became Ireland’s first restaurant to be awarded…

    7 March, 2023

  • The Dean Expands Its Dublin Footprint With The Dean Townhouse
    The Dean Expands Its Dublin Footprint With The Dean Townhouse

    Following the launch of The Dean hotels on Dublin’s Harcourt Street and in Cork and Galway, a new extension of…

    7 March, 2023

  • Dublin Airport’s Passenger Traffic Increased Year On Year In February
    Dublin Airport’s Passenger Traffic Increased Year On Year In February

    The number of people who passed through Dublin Airport increased by 3% in February 2023 compared to pre-COVID-19 pandemic February…

    7 March, 2023

  • Dalata Hotel Group plc has announced that it has acquired a 192-bedroom hotel at 240 Seven Sisters Road, Finsbury Park,…

    7 March, 2023

We use cookies in order to give you the best possible experience on our website. By continuing to use this site, you agree to our use of cookies.
Accept
Reject