US: BridgeStreet Global Hospitality has launched its latest brand - Mode Aparthotel by BridgeStreet, and aims to open 20 to 30 Mode properties by 2020.
The company describes the brand as "built to inspire guests and
"BridgeStreet is responding to shifting travel trends by targeting global hot spots and retrofitting existing buildings, offering 24/7 front desk concierge, community areas for gathering, and the space of an apartment to live and work in," it said.
BridgeStreet CEO Sean Worker said: "We are here to be a part of the community, work with the local vendors and recommend the best establishments. Each Mode building will offer a bespoke, unparalleled experience to our guests by providing them with high design and comfort. This includes knowing the unique feel of Mode is backed by the world-class brand of BridgeStreet Global Hospitality to ensure consistent service standards."
The first Mode property will open in Washington D.C's DuPont Circle, where several floors of a five-storey office building will be converted into 46 Mode apartments, featuring an on-site bar and restaurant, workout facilities and a roof-top lounge.
"We took a C-rated building in an A+ location and we are creating an A+ building," said Will Lansing of Valor, developers on the Dupont Circle Mode. "We are excited to be a part of this and we are looking forward to working more with BridgeStreet."
Europe's first Mode, scheduled to open in Q3 2016, is located in an historic building in Paris's 16th Arrondisement. It will offer 47 keys, plus a breakfast room, guest lounge, and a fitness suite within a five-minute walk to the Arc de Triomphe.
BridgeStreet says the average cost for building Mode is less than creating a typical hotel room. Each unit costs between US$45,000 to $65,000 to build, depending on the city and location. BridgeStreet would then lease the building from the developer for 10 years and manage the business of long-stay serviced apartments.
BridgeStreet has reached a joint development agreement with CGI Strategies, a real estate developer in LA and NY, to develop five to 10 dedicated Mode properties in the US, to be operated exclusively by BridgeStreet.
"There is currently a gap in the industry that we can fill. These apartments give travelers more than a traditional hotel or extended stay apartment, they have the best of both in great communities," Gidi Cohen, founder and CEO of CGI said. "We believe in the value proposition of the serviced apartment model and the Mode model goes beyond the sticks and bricks of the property, it is designed to include local flavour."
"Both guests and developers will be delighted with Mode Aparthotel," said Paul Rands, BridgeStreet's VP of development. "Retrofitting existing buildings alleviates the pressures of minimal building space in city centres. This strategy is the underpinning for Mode, with the long term target of 20 to 30 Mode by BridgeStreet properties open or in active development within four years across the Americas and EMEA."