Aparthotel specialist Staycity Group has secured a £77m loan from OakNorth to fund major expansion.
The group, has two aparthotel brands – Staycity Aparthotels and the lifestyle brand Wilde – plans to triple in size over the next five years.
Founded in Dublin in 2004, Staycity currently operates 6,000 keys across 36 aparthotels in France, Germany, Ireland, Italy, and the UK.
It recently announced the acquisition of a 74.9% stake in the Munich-based Felix Group, giving it properties in Leipzig, Dresden and another site under construction in Vienna.
Expansion of Staycity Aparthotels includes the recent addition of 124 apartments in Dalston, East London, and the acquisition of a 98-apartment site in the centre of Belfast.
This year it will open Wilde’s in Amsterdam, Cambridge, Lisbon, Porto, and Vienna. Further London locations, a site in Oxford and another in Bordeaux are also under development.
Tom Walsh, CEO and co-Founder of Staycity Group, said: “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.”
