EUROPE: edyn, the extended stay hospitality group, has announced positive results with like-for-like RevPAR now significantly ahead of pre-pandemic 2019 levels.
Following the pandemic, the hospitality group records a strong recovery in its core mid and long stay business, with more than 60 per cent of stays in Q1 being more than seven nights.
It also says gross profit percentage margins (GOP) are delivering in excess of 60 per cent for stabilising assets.
Stephen McCall, CEO at edyn said: “Although we are still emerging from the pandemic, travel is returning strongly across business and leisure segments, and we are seeing the encouraging return of longer length-of-stay segments.”
The results come at a pivotal moment for the group, as it looks to build upon its two, recently announced, properties in Munich, with a third property, the Locke at East Side Gallery, launching in Berlin later this year.
It also plans to open two new Locke branded properties in Zurich and Lisbon next year.
These openings and acquisitions are part of edyn’s strategy to secure key locations for its brands across European gateway cities.
McCall added: “We are confident in the future of hybrid hospitality and its growth across all markets and segments, and Q1’s strong results, coupled with edyn’s resilience during the pandemic, illustrate the strength of our business model. Our core brands Locke and Cove are well placed to benefit from changes in traveller preferences and behaviour, as we continue to refine our offering.”
Eric Jafari, chief development officer and creative director added: “In response to this shift in consumer demand and the lack of European extended stay supply, our brands Cove and Locke provide the modern consumer with the space and autonomy afforded by an apartment, combined with the design of a boutique hotel. The results are now speaking for themselves; this coming year should be one of ambition and innovation as we navigate the market and we are excited to see what the future holds.”
edyn is the parent of lifestyle aparthotel brand Locke and serviced apartment brands Cove and Saco, which currently own and operate more than 4,500 keys trading and under development across eight European countries. The platform is backed by Brookfield.
