UK: Starwood Capital Group has appointed Cycas Hospitality to manage properties in Earls Court/Kensington, London Bridge, Bermondsey and Tower Bridge.
The portfolio of 640 studios and one- and two-bedroom open plan
suites, which Starwood's Global Opportunity Fund X acquired in 2015, is currently undergoing a
comprehensive refurbishment that is due to be completed in
mid-2017. The properties have previously been managed by Think Apartments and Go Native.
Nick Chadwick, vice president at Starwood Capital Group, said: "We appointed Cycas Hospitality based on the company's excellent track record in the extended-stay sector in the U.K. and Europe. We are confident that Cycas Hospitality's proven management techniques, coupled with a skill set that is relentlessly focused on making customers happy, will produce the best results for our guests and, ultimately, our investors. Starwood Capital Group has established itself as a leader in the London extended-stay hotel/serviced apartment market through ownership of this portfolio. This is one of the most promising and under-supplied real estate sectors in London today. Cycas Hospitality should help ensure that we realise the full potential of these assets."
Eduard Elias, managing director at Cycas Hospitality, said: "We are delighted to make these exciting new additions to our portfolio, and proud that Cycas Hospitality has now become the second largest operator of serviced apartment/apart-hotels in London*. These properties are perfectly located in the heart of some of London's fastest-growing submarkets. Kensington/Earl's Court provides excellent access to Heathrow Airport and the West End, while London Bridge and Bermondsey has a hip and distinctive vibe all of its own, coupled with easy access to the City of London and Canary Wharf. We will work with our award-winning management teams to add value to these properties and transform them into destinations of choice for both business and leisure travellers."
Cycas Hospitality works with a wide range of extended-stay brands, delivering results across every level of service standard. The company has ongoing relationships with Marriott, Hyatt and IHG, coupled with ambitious development plans in the U.K. and across Continental Europe. Cycas Hospitality and Starwood Capital will focus initially on brand strategy, with more to be revealed as part of an ambitious launch plan later in the year.
Cycas currently manages Staybridge Suites Hotels in Vauxhall, London, London Stratford City and the Holiday Inn in Stratford City, London and The Heathrow Hotel on Bath Road, London. Two new projects, comprising four hotels, are under construction. These include a Crowne Plaza/Staybridge Suites in Manchester and a Moxy/Residence Inn in Amsterdam. Several other projects are currently under development.
*London Top Ten Extended Stay Operators, Savills Research August 2016.