Staycity Aparthotels to continue European expansion despite Brexit
Staycity Aparthotels has announced its intention to continue to expand across Europe, despite uncertainty in the property market in the wake of the EU Referendum result.
The serviced accommodation operator announced at the Serviced Apartment Summit Europe in London's Park Plaza Victoria today that it will continue to will forge ahead with its European expansion plans to take its current 2,700 apartments to 4,000 by the end of 2016.
This week sees Staycity open its first premises in York. The Dublin-based company operates apartments across eight European cities and is due to open another site in Marseille later this year. Openings next year include sites in London's Covent Garden, Lyon, Liverpool and Manchester. The company is on target to expand to 15,000 apartments by 2021.
This year the company is expecting turnover to reach €50m, up from €40m last year. In 2015, Staycity's earnings before interest, taxes, depreciation, and amortisation rose 46% to €5.65m, despite significant investment in growth.
Staycity CEO Tom Walsh said: "This was well ahead of our budget for the year and was achieved on notable results across many of our cities. We have achieved this through high levels of customer service, attention to guest feedback, and improved customer understanding of the aparthotel offer.
"We remain committed to expanding in Europe and the UK, where we are actively looking for further sites which will allow us to grow further in line with projections in our five year business plan. While the UK's exit from Europe is likely to cause some uncertainty in both the property and the hotel sectors, particularly when it comes to investment, the UK is strategically an important destination for us to operate within so I can see no reason to change our plans."
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