Aparthotel operator scores funding for growth

TD Editor
Tom Walsh, co-founder and CEO of Staycity Group

Aparthotel operator Staycity Group has revealed a positive trading year for 2019 with record occupancies across its estate and a number of key property openings, including its first resort-style destination.

The Dublin-based group, which now operates nearly 3,000 apartments across 12 European cities, has also announced a new financing deal negotiated with Dunport Capital, giving it a EUR 22.5 million (USD 25.07 million) flexible loan facility to support the group’s ongoing growth plans.

“The year was a challenging one, particularly in the UK where confidence has been fragile due to Brexit uncertainty,” said Wayne Arthur, chief financial officer of Staycity Group. “Despite these challenges we delivered a record like-for-like occupancy of 87.3% and are delighted to have signed a new loan facility with Dunport Capital, after five years of 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.”

“15,000 apartments by 2024.”

Tom Walsh, co-founder and CEO of Staycity Group added: “We’ve also gained our strongest ever guest satisfaction scores. We are on target to deliver revenues of over EUR 100 million (USD 111.44 million) in 2020 along with continued profit growth. The new year will see us work towards our target of operating 15,000 apartments by 2024.”

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