Europe: Serviced apartment operator YAYS has plans to open properties in Spain and Germany by 2024.
YAYS Group is expanding its operations beyond Benelux and France at the end of this year with a first location in Spain since its Barcelona property closed.
Madrid Puerta del Sol by YAYS will be in collaboration with property developer Monthisa. The building, located in between Gran Vía and the ‘Puerta del Sol’ square close to the Royal Palace, will have a rooftop terrace. The property will offer apartments of multiple sizes with fully equipped kitchens, targeting both business and leisure travellers.
In 2024, the group will debut in Germany as well as open a new site in Scheveningen, The Netherlands.
Head of development Joris Tensen said: “Like the Scheveningen project, YAYS sees great opportunities in further conversions of office buildings in these markets and has introduced a design innovation for this purpose.”
In the upcoming renovation of the Scheveningen project, which will be a joint venture with investor and developer RE:BORN, 66 apartments will be designed with the YAYS 2.0 model. Zachary Schwartz, CEO of the group, believes that the company’s 2.0 design will return more per square metre on office conversions because of efficient design footprint.
In Germany, YAYS has established an office and hired a local development manager to lead the group’s expansion through the lease structure. Negotiations for several locations in cities such as Frankfurt and Berlin are underway exclusively.
Tensen added: “We see significant opportunities for YAYS’ design-driven concept across key European capital cities, gateways market and other strategic secondary markets.”
