Ireland: Dublin-based aparthotel operator Staycity Group has secured a £77 million loan from digital bank OakNorth to triple its portfolio over the next five years.
Staycity, which has two brands – Staycity Aparthotels and lifestyle brand Wilde – currently operates 6,000 keys across 36 aparthotels in France, Germany, Ireland, Italy, and the UK.
The group recently acquired a majority stake in Munich-based Felix Group which expanded its European footprint further into Leipzig and Dresden, with another site under construction in Vienna.
Under its Staycity Aparthotels brand, two properties have also recently been signed in Dalston, East London and Belfast.
This year, Staycity will open Wilde properties in Amsterdam, Cambridge, Lisbon, Porto, and Vienna. Additional sites are under development in London, Bordeaux, and Oxford.
Tom Walsh, CEO and co-founder of Staycity Group, said: “Staycity has been operating for 20 years and throughout that time, we’ve expanded and developed as an organisation, but always remained focussed on ensuring our customers have a great experience with us. OakNorth has played a pivotal role in our journey over the past five years, helping us accelerate our growth considerably. We’re hugely grateful for OakNorth’s support and the partnership we’ve built.”
Deepesh Thakrar, senior director of debt finance at OakNorth added: “Staycity is one of OakNorth’s most notable success stories – since its initial financing from us in 2020, it has undergone remarkable growth. Its rigorous site selection and closely managed acquisition pipeline has helped it grow profitability at both site level and group level. We very much look forward to seeing Staycity’s continued growth and success.”
