UK: Staycity has signed a 35-year lease on a site in London’s Covent Garden, adding 106 studio apartments to its portfolio.
Staycity Covent Garden will open in December 2015, and will be the first of a deluxe Staycity brand planned for premium city centre locations.
Staycity CEO Tom Walsh said: “Covent Garden will be an exciting place for Staycity to operate. It’s a location surrounded by four- and five-star hotels so the aim is to give our guests the eye-catching, cutting-edge feel of a top-end hotel, while offering the fantastic value-for-money of a serviced apartment. Our existing London properties – Greenwich and Heathrow – are trading with very strong occupancies so we are confident Covent Garden will be hugely popular given its position in this bustling part of the capital.”
The Covent Garden deal follows the acquisition of the building on The Strand by LaSalle Investment Managers on behalf of Coal Pension Fund. The developer for the site will be Galliard.
Staycity has more than 1,000 apartments across eight European cities including Birmingham, Dublin, Edinburgh, Liverpool, London Heathrow, London Greenwich, Manchester, Paris and Amsterdam. The company is aiming to expand to 5,000 apartments over the next five years.
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