New hospitality concept Locke has revealed that since it opened its first London property in October 2016, the business has exceeded trading expectations by circa 50+%.
The company, a subsidiary of SACO The Serviced Apartment Company, launched its first property in East London last year as part of an ‘aggressive expansion drive’.
The next property “Eden Locke” is due to open in Edinburgh in June 2017 with further Lockes under development and scheduled to open over the course of the next two years in Manchester, London and Dublin.
The group is now targeting further acquisitions in Paris, Berlin, Stockholm, Copenhagen and Hamburg, in addition to bolstering its presence in other major UK cities.
Locke has been created to cater for what the group calls the ‘modern urban traveller’. This is characterised as urbanites that fall within the Gen X – Z demographic.
Locke predominately targets corporates within creative and tech industries travelling for periods of three days or longer.
Each of the apartments within Locke is a ‘design-led suite’ with a kitchen and bedroom space. Locke is also home to co-working space, creative meeting rooms, meditation rooms and a gym.
F&B is outsourced to operators that share the group’s values.
Stephen Hanton, commercial CEO of SACO: “One of the predominant reasons for the recent success of lifestyle hotels is that they sell travellers the promise of the ability to connect to a community of like-minded locals. The reality is that there is only so much connection that can be fostered between a traveller and a local with an average length of stay of one or two days. Locke’s current average length of stay is 15 days which changes everything. Someone staying for two weeks is a lot more likely to attend a yoga class or gin tasting hosted by the hotel than a traditional lifestyle concept.”
With some £100m of equity to deploy in 2017, the group aims to continue its current development pace of 1,000+ units per annum.