UK-based hotel group Kula, alongside international real estate investment firm Gold Tree Group, has announced it will open two new European sites.
The group, whose portfolio includes flex-stay serviced apartments and hotel lofts, has acquired two new sites in Lisbon, Portugal and Dublin, Ireland.
Both properties are currently slated to open in 2024 and will be developed into boutique Kula flex-stay hotels, home to 175 guest bedrooms each.
The new acquisitions mark four joint deals between Kula and Gold Tree Group in Europe, with the first two being in Stuttgart and Basel. PBBR advised on the legal and tax aspects of the acquisition of the Lisbon property and Mason Hayes Curran served as legal advisors to Kula on the Dublin property deal acquisition.
Moran Machtey, Kula Co-Founder and CEO, commented: “Kula’s four transactions mark the beginning of our ambitious expansion plans in Europe, as we intend to push this segment towards a fresh, urban and design-led product. The Dublin and Lisbon acquisitions are a great testament of our group’s capability to create attractive real estate value alongside profitable expansion opportunities for the brand.”
Kula describes itself as ‘a new owner-operator hospitality group that offers the new generation of travellers urban, stylish hotel lofts and apartments.’
The brand offers flex-term serviced apartments and hotels in ‘global cultural cities’, designed to ‘allow the new generation of travellers to enjoy a better, smarter and more enjoyable and personalised stay.’
It also offers guests an expansive portfolio of add-on lifestyle services, ranging from door-to-door grocery delivery to personal trainer sessions and language classes.
Kula positions itself as an alternative to the likes of aparthotels, traditional serviced apartments and Airbnb rentals.
In England, Kula currently only operates sites in London, where it has five properties. The sites are found in buzzy neighbourhoods across the capital, including Fitzrovia, Victoria, Covent Garden and Holborn.
