Staycity set to continue European expansion

George Sell George Sell Uploaded 12 July 2016

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Ireland: Staycity Aparthotels is set to continue with its European expansion plans, which will take the company from to 4,000 apartments by the end of 2016.

The Dublin-based operator currently has 2,700 apartments in its portfolio, including operating and pipeline properties.

CEO Tom Walsh said: "We remain committed to expanding in Europe and the UK, where we are actively looking for further sites which will allow us to grow further in line with projections in our five year business plan. While the UK's exit from Europe is likely to cause some uncertainty in both the property and the hotel sectors, particularly when it comes to investment, the UK is strategically an important destination for us to operate within so I can see no reason to change our plans."

Speaking as the Serviced Apartment Summit Europe starts in London [12-13 July], Walsh said: "Our turnover reached €40 million last year and is expected to grow to €50 million this year. A strong performance with higher margins saw our EBITDA rise from €3.85 million in 2014 to €5.65 million in 2015, up 46 per cent, despite significant additional investment in growth. This was well ahead of our budget for the year and was achieved on notable results across many of our cities. We have achieved this through high levels of customer service, attention to guest feedback, and improved customer understanding of the aparthotel offer."

This week Staycity opens the doors to its latest premises in York, following a 12-month building project by construction firm Bowmer & Kirkland. The six-storey, semi-circular 197-apartment premises on Paragon Street was built on the derelict site of a former swimming pool which was closed a decade ago and demolished in 2007.

"We are particularly pleased to be opening in this hugely popular and beautiful city, which, as the aparthotel sector continues to gain in popularity, will generate strong demand from both tourists and corporate guests," said Walsh.

www.staycity.com

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