Aparthotel operator Staycity Group has signed a new financing deal with Irish-owned Dunport Capital, supporting its plans for future growth.
After a strong performance in 2019, including record occupancies and a number of openings, Staycity is looking to expand further in 2020.
The partnership with Dunport gives Staycity a €22.5m (£19.2m) flexible loan facility with which to make new acquisitions.
Its 2019 figures include a turnover growth of 14% and an EBITDA increase of 11%. It also opened properties in Edinburgh, Venice and Paris, and has acquired properties in Berlin and Manchester.
Investments in the same year have facilitated the addition of 1,800 rooms over the next two years.
CFO Wayne Arthur commented: “The year was a challenging one, particularly in the UK where confidence has been fragile due to Brexit uncertainty.
“Despite these challenges we delivered a record like-for-like occupancy of 87.3% and are delighted to have signed a new €22.5m loan facility with Dunport Capital, after five years of fantastic support from Proventus, which has secured Staycity with a flexible, seven-year loan as well as significant interest savings and a supportive Dublin-based partner.”
Co-founder and CEO Tom Walsh added: “I am delighted with the progress made in 2019, not only did we deliver industry-leading occupancy levels, we’ve also gained our strongest ever guest satisfaction scores.
“We are on target to deliver revenues of over €100m in 2020 along with continued profit growth. The new year will see us continuing to work towards our target of operating 15,000 apartments by 2024.”