Hotel management company Cycas Hospitality has acquired the 128-suite Staybridge Suites Newcastle off a guide price of £15m.
The hotel originally opened in 2009 and includes 95 studios and 33 one-bedroom apartments. It will continue to be branded as a Staybridge Suites hotel and will be the fifth Staybridge Suites property under Cycas management, on top of hotels in Liverpool, London Vauxhall, London Stratford City.
The company recently partnered with Starwood Capital Group to manage four extended-stay hotels in London, making it the second largest operator of serviced apartment/apart-hotels in London.
Cycas Hospitality also manages the Heathrow hotel in London. Two new projects, comprising four hotels, are under construction, including a Crowne Plaza/Staybridge Suites in Manchester, which is due to open in 2017.
Eduard Elias, managing partner of Cycas Hospitality says: "Newcastle's accessibility, its skilled workforce and the presence of strong international companies makes it a natural fit for the extended-stay hotel market."
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