Aparthotel brand Wilde by Staycity has secured a deal with Union Investment to open a new site in London.
The Hamburg-based investment manager has acquired the 14-storey aparthotel on Commercial Road near Aldgate from development firm Regal London for 60 million euros, with completion planned for November this year.
The new Wilde by Staycity site will comprise 156 rooms, including kitchenettes plus a coffee shop and fitness room, with the project ongoing since June 2019.
The property will be Staycity’s third Wilde site in London is being operated on a 30-year lease.
“We are pleased to be able to add a financially strong tenant with a well-known brand to our hotel portfolio with Staycity, who would like to position itself in this location in the long term,” says Andreas Lochs, head of investment management hospitality at Union Investment.
Cushman & Wakefield worked on the advisory side for Union Investment.