Fast-expanding aparthotel group Staycity has secured a £30m loan to drive its ambition to open another 10 properties in 2021.
The group’s expansion plans will see it open another 10 aparthotels in 2021, and operate 15,000 apartments by 2026/27
Founded in 2004, Staycity is an Irish-owned pan European aparthotel business with 21 properties across the UK, France, Ireland, Italy and Germany, operating under two brands – Staycity Aparthotels and its premium Wilde Aparthotels by Staycity.
With the capital from OakNorth Bank, along with the equity raise that has just been completed, Staycity will forge ahead with plans to open another 10 aparthotels in 2021 and operate some 15,000 keys by 2026/27.
Tom Walsh, CEO and co-founder of Staycity, said: “We very much enjoyed the process of refinancing with OakNorth and we are looking forward to working with the great team there for many years to come. The pandemic has hit the hospitality sector particularly badly but being an aparthotel operator, we expect to have a faster recovery than traditional hotels as travellers seek the safety of self-catering accommodation and service at an attractive price. We fully expect to emerge in a strong position to move forward and fulfil our ambitious five-year business plan.”
In 2019, Staycity’s turnover grew 14% to €78m, with EBITDA rising around 11% with like-for-like occupancy of 87% and the company’s strongest ever guest satisfaction scores.
Until the coronavirus pandemic the company was on target to deliver revenues of €100m in 2020, along with continued profit growth.
This year the brand laid out plans to open its first fully-branded hotel in Chester.