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edyn steps up acquisition agenda with £62.5m deal to operate new aparthotel in Canary Wharf

cove

edyn has acquired a new site in London’s Canary Wharf to operate as part of its new Cove brand in a £62.5m deal.

The Brookfield-backed hospitality group has secured a serviced apartment asset in Landmark Pinnacle, the tallest residential building in Europe, and will open a new Cove property this autumn.

Cove launched at the end of June, and the new property in Canary Wharf will be its second signing following the agreement with developer Grosvenor for a 60,000 sq. ft site in the Liverpool ONE development.

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A total of nine Cove sites will be included in the initial brand roll out; eight of which are refurbishments of edyn’s traditional serviced apartment brand, Saco.

Arranged over the first ten floors of the newly-developed 75-storey residential building, ‘Cove Landmark Pinnacle’ will comprise 162 units including 72 studio and 90 one-bedroom apartments.

In addition, guests will benefit from unlimited access to the building’s residential gym and members’ lounge, golf simulator, and winter garden.

Steven Haag, managing director of Cove, commented: “Landmark Pinnacle will be a flagship location for Cove, realising our vision to create a next generation serviced apartment brand. This property will be one of the most preeminent offerings in London apartments, with unbeatable amenities such as access to the 56th floor gym. This ambitious project demonstrates our ability to target different types of real estate in prime city locations, including working with leading developers on Forward Purchase turnkey projects like Landmark Pinnacle.”

The launch of Cove signals edyn’s continued resilience in the extended stay hospitality sector after reporting it ended the first half of the year with an average occupancy exceeding 70%.

edyn’s portfolio also includes lifestyle aparthotel concept Locke, which will open seven new locations in the UK, Ireland, and Germany in 2021, with further openings planned across Europe into 2022.

Tags : aparthotelsCoveedynSACO
Zoe Monk

The author Zoe Monk

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