Irish-owned aparthotel operator Staycity Group aims to triple its size over the next five years after securing a £77 million loan from OakNorth Bank.
Founded in Dublin in 2004, Staycity Group operates two aparthotel brands: Staycity Aparthotels, with seven locations across the UK, and the lifestyle-focused Wilde brand (pictured), which has six UK sites.
Staycity Group currently operates 6,000 keys across 36 aparthotels in the UK and Europe. The £77 million loan will fuel its future growth as the company targets expanding to 18,000 keys across Europe by 2029.
This year in the UK, Staycity Group will open Wilde Aparthotels in Cambridge and London, with an additional site currently under development in Oxford.
Recent expansion for Staycity Group includes the launch of 124 apartments in London’s Dalston and the acquisition of a 98-apartment site in the heart of Belfast.
Tom Walsh, chief executive 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 organization, but always remained focused on ensuring our customers have a great experience with us.'
Deepesh Thakrar, senior director of debt finance at OakNorth, said: “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.”
