Staycity secures new financing deal

George Sell George Sell Uploaded 06 January 2020

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Ireland: Staycity has secured a €22.5 million flexible loan facility with Dunport Capital to support its growth plans.

CFO Wayne Arthur said that turnover for the year to December is expected to have grown by 14 per cent to €78 million, with EBITDA rising around 11 per cent. The year saw the group put significant investment into central functions to support the opening of 1,800 keys in its secured pipeline over the next two years.

“The year was a challenging one, particularly in the UK where confidence has been fragile due to Brexit uncertainty,” said Arthur. “Despite these challenges we delivered a record like-for-like occupancy of 87.3 per cent and are delighted to have signed a new €22.5 million loan facility with Dunport Capital, after five years of fantastic 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.”

Staycity co-founder and CEO Tom Walsh added: “I am delighted with the progress made in 2019, not only did we deliver industry-leading occupancy levels, we’ve also gained our strongest ever guest satisfaction scores. We are on target to deliver revenues of over €100 million in 2020 along with continued profit growth. The new year will see us continuing to work towards our target of operating 15,000 apartments by 2024.”

 

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