Austria: Coffee and gourmet foods producer Julius Meinl is preparing to roll out its serviced apartment brand, The Julius, across Europe, with a mid-market brand also under consideration.
Julius Meinl Living PLC, part of the menial group of companies is acquiring assets for development into serviced residences that it will then operate
It says The Julius draws on the Julius Meinl family’s 160-years of activity as consumer goods and retail pioneers and creators of the Viennese food emporium Julius Meinl am Graben. The Julius “draws on the legacy of service, quality and innovation arising from this activity and marks the family’s first entry into the world of travel and hospitality”.
It will offer both short and long-term stays with tech-enabled services, self-check-in and contactless room entry, as well as on-site shops and restaurants, stocked with premium House of Julius Meinl products. Other features will include communal areas, lounges and coworking spaces.
The first property is located at Senovazne Namesti 3 in the heart Prague. The property is known as The Julius Prague and occupies a reimagined art deco building designed by Italian architects Matteo Thun & Partners. It features 168 units, complete with living room and separate bedroom space, and many featuring an open-plan kitchen.
The Julius Prague is undergoing a soft launch, with a grand opening scheduled for spring 2022.
Julius Meinl Living also operates the Escala Hotel & Suites in Budapest. Occupying a lower price point and having a less central location than The Julius properties, the Escala will not be rebranded as “The Julius”. Instead, Julius Meinl Living has initiated the evaluation of alternative brand names and a mid-market concept that will enable the property to sit alongside The Julius as part of a multi-brand strategy.
It is currently finalising a refurbishment of the property to be carried out in three phases: technical systems, public areas then the property’s 50 apartments. Works will be carried out during the course of 2022, with the property expected to remain open throughout.
Through its Serbian subsidiary, Julius Meinl Living had contracted to acquire a property suitable for The Julius in Belgrade by means of a forward purchase agreement. The property was part of a large mixed-use urban development next to the Belgrade castle known as K-District. Covid-related delays in the construction of the property gave rise to a disagreement with the developer of the property, Kalemagdan Development, and Julius Meinl Living has withdrawn from the project.
The company is working to identify additional flagship properties that can be acquired for eventual operation under The Julius brand.
A number of both flagship and opportunistic acquisitions in major cities across central Eastern and Western Europe are under consideration.
