Oaktree Capital Management and The Serviced Apartment Company (SACO) have announced a new merger deal, and launched a new serviced apartment concept targeting millennial travellers.
The combined company will operate under the SACO name and comprise both Oaktree and SACO’s existing serviced apartment offering, as well as the new Beyonder ApartHotel serviced apartment concept which was developed by Oaktree’s CL Serviced Apartments platform.
Introduced to the public at the International Hotel Investment Forum in Berlin, Beyonder ApartHotel will see its first property opening in December this year and will eventually boast a portfolio of 1,645 apartments.
This will include new transactions on 945 apartments across 10 properties in London, Amsterdam, Edinburgh, Glasgow, Aberdeen and Dublin, along with SACO’s existing portfolio of 700 apartments across the United Kingdom.
The new brand is focused on helping millennial, global travellers get the most from their stays. Each Beyonder ApartHotel unit is a minimum of 30 square metres in size, offering a bedroom, bathroom, kitchen and living space. Tablets control everything from the lighting to the television to the blinds, and free, high-speed wireless internet, telephone and films come standard.
The combined company will be led by Stephen Hanton, managing director of SACO since 2012, who will become CEO of Commercial.
Max Thorne, who has led Oaktree’s entry into the serviced apartment sector and the development of the Beyonder ApartHotel concept, will become CEO of Property.
SACO founders, David and Lesley Freed have re-invested in the combined company and plan to stay actively involved.
Commenting on the merger, Thorne said: “This new serviced apartment business will fit perfectly with the prime city-centre properties upon which we are expanding. Our new Beyonder ApartHotels will complement SACO’s existing range of high quality properties and will establish a new standard in this dynamic sector.”