Ireland: Staycity has released positive trading figures for 2019, which included key property openings and a new financing deal.
The Dublin-based group operates nearly 3,000 apartments across 12 European cities.
Looking back on 2019, CFO Wayne Arthur said: “The year was a challenging one, particularly in the UK where confidence has been fragile due to Brexit uncertainty. Despite these challenges we delivered a record like-for-like occupancy of 87.3 per cent and are delighted to have signed a new €22.5m 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.”
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 €100m in 2020 along with continued profit growth. 2020 will see us continuing to work towards our target of operating 15,000 apartments by 2024.”
In August 2019 Staycity entered the Italian market for the first time with a 175-unit property in Venice and a month later opened a 284-key aparthotel in the Val d’Europe area near Disneyland Paris. The year also marked Staycity’s entry into the German market with the opening of a 48-apartment Wilde Aparthotel by Staycity, the company’s premium brand.
The 128-unit Wilde Aparthotel by Staycity Edinburgh, Grassmarket followed, opening in December.
In 2020 a 224-key property in Manchester’s Northern Quarter is scheduled to open in March, followed in November by a 142-apartment building on Dublin’s Mark Street. By 2021 Staycity expects to have more than 1,000 apartments operating in Dublin.
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