Aparthotel brand Native has announced a partnership with developer First Base with plans to create up to £400m of aparthotels across the UK.
The joint venture will identify aparthotel or mixed-use sites primarily in London, Oxford, Cambridge, Bristol and Edinburgh with aims to commit £200m in 2018 and an additional £200m in 2019.
First Base will lead on design, planning and construction, with other target cities including Brighton, Reading, Manchester, York and Dublin.
Archie Hunter, development director at Native (pictured left), said: "This partnership clearly demonstrates our commitment to standout aparthotel developments across the UK, at a time when the sector is set for significant expansion. Our expansion will enable us to take our unique proposition to a greater range of key UK cities, addressing a significant gap in the market."
According to JLL's Serviced Apartment report, aparthotels are the fastest growing area of the hospitality sector, with supply increasing 13% in the past two years, which the new joint venture seeks to address.
Barry Jessup, director at First Base (pictured right), added: "Demand far outstrips supply for aparthotels in these locations, and we see homestay living playing an important role in the revitalisation of town centres. We will begin work on these developments as soon as we have secured the sites and planning consent, such is the demand."
70% owned by Ares Management, Native operates 1,500 units in 16 locations across London and is targeting more than 2,500 units by the end of 2019.