Ireland: Staycity has rehired Andrew Fowler, who joins as chief development officer.
Fowler will also head up Staycity’s new standalone development platform Carnsór, as CEO and co-founder.
The appointment comes as Staycity announces it has secured three sites in London via the new development platform, with “strong growth ambitions and a healthy pipeline of opportunities on the horizon”.
Carnsór’s role is to source and manage the development of sites with an exclusive focus on expanding the Staycity and Wilde brands. Initially, it will target the acquisition of two to three developments per annum, funded by group equity, and external investment.
Staycity has acquired three assets in Stratford, Blackfriars and Vauxhall, as well as a further two development deals in exclusivity. Stratford will be a Staycity location with 249 keys, while Vauxhall and Blackfriars will be part of its Wilde brand, with 175 and 220 keys.
These have been funded by a combination of Staycity equity and debt provided by Oaknorth Bank.
Fowler was most recently co-founder and group acquisitions director at Locke and edyn, the fully integrated extended stay platform, and has a long history of development experience. He previously worked at Staycity from 2007 to 2012 as acquisitions director. As group acquisitions director at edyn, he led the group’s expansion across both Europe and the UK, navigating a complex, multi-jurisdictional landscape to deliver ground-breaking properties for both Locke and Cove.
He said: “I am thrilled to return to Staycity Group in a new capacity, with the overall goal to double the current growth rate. Staycity has become the fastest growing aparthotel company in Europe, and with this new development platform Carnsór, we’ll look to drive further growth in the Group across development and leasing. We are really excited to see what we will achieve in the coming years.”
Staycity CEO and co-founder Tom Walsh added: “We have great momentum at Staycity Group and I am delighted to welcome Andrew back, who I know will be a key part of our growth strategy. The Carnsór platform will be an additional growth channel and with the Group delivering just over €50 million in EBITDA in both 2023 and 2024, we are well positioned financially to achieve our goal of
a further 10,000 keys in the next five years.”
