UK: Habicus Group, the parent company of serviced apartment agent SilverDoor, has completed the acquisition of The Apartment Service for an undisclosed sum.
The move will see two of the biggest and longest established serviced apartment agencies under the same ownership. The Apartment Service (TAS) was established in London in 1981 by Charlie McCrow. In February 2014 it launched the TAS Alliance which “brings together small and large serviced apartment operators across the globe under a single representation, distribution and marketing strategy, all powered by a common technology platform”. SilverDoor was founded in London in 2000.
Pre-pandemic SilverDoor and The Apartment Service had turnovers of nearly £100 million and £30 million respectively. The two companies will operate as separate brands in the short term but will “consolidate services, make efficiencies and share best practice”, said SilverDoor group CEO Stuart Winstone.
Winstone said: “This deal – which has been in discussion for many months – brings together two of the most recognisable and respected brands in the global serviced accommodation sector and we’re delighted to welcome The Apartment Service and its brands to the Group. The Habicus Group of companies has increased its market share during the pandemic and we see a huge opportunity for the company and sector to continue to grow in the post-pandemic world. This acquisition, which complements our range of services, and significantly increases the size of our global offices, puts us in an unrivalled position to capitalise on this. This is a significant deal for our sector. One of the key drivers is The Apartment Service’s experience in Iberia and Latin America. It was somewhere we recognised our existing group wanted to increase our presence. It also increases our status in APAC. We both have offices in Singapore and bringing them together makes us by far the largest agency group in the APAC region.”
The combined businesses will have offices in London, Lancaster, Madrid, Denver, Singapore and Hyderabad, and remote workers in Lisbon, Warsaw and Washington.
The acquisition does not include Roomspace, an operator with units in London and the south-east which will be demerged and retained by Charlie McCrow, who will stay on with The Apartment Service for a year to oversee the integration of the business.
“Between our brands, we offer the world’s finest serviced apartment booking solutions for business travel and relocation. This acquisition by Habicus Group will ensure the best possible opportunity for future growth, the development of our wonderful teams across the world, and the continued ability to provide a world-class service to our clients. I now intend to devote my time and focus to the Roomspace side of my business which I have retained, and I look forward to continuing – for many years to come – the great relationship I have always enjoyed with the Habicus team,” said McCrow.
Winstone anticipates further acquisitions of overseas agencies: “We want to increase our strength in the US and we want to increase our strength in Central Europe and in the Middle East – that’s a priority for the group now ahead of any more UK acquisitions.”
