Room2 has signed an agreement to lease a new 175-unit aparthotel to be built in Belfast city centre by developer Oakland Holdings.
The nine-storey aparthotel achieved full planning consent in September 2019 and will also include food and beverage facilities at ground-floor level and meeting and conference facilities at first -floor level. The range of unit sizes vary from 21sq m up to 37sq m.
Construction is due to commence shortly, and completion is anticipated in Q3 2021. The terms of the agreement include a 25-year lease with a tenant option to break at year 20.
Robert Godwin of the Lamington Group, which backs Room2, said: "The driving ethos behind the room2 hometel concept is the combination of the very best bits of a hotel (the standards, safety and services) combined with the flexibility and comfort of home. Customers are seeking a unique and authentic living experience that provides greater flexibility over formal hotel environments."
Founded in 2015, Room2 has sites in Southampton and London's Hammersmith, with further properties in the pipeline in Manchester, Liverpool and London.
The business was the brainchild of brothers Robert and Stuart Godwin, who were inspired to create high-quality, affordable accommodation that bridged the gap between home and hotels after spending years travelling as competitive dinghy sailors as members of the British Olympic Development Sailing Team.
They intended to offer flexibility and personalisation, combining elements from Airbnb, serviced apartments and boutique hotels, with kitchens in every room, the ability for guests to select their own type of mattress and keyless check-ins.
Guy Hollis of Oakland Holdings added: "We are delighted to have secured room2 hometels as our tenant. The Lamington Group were a perfect fit for the development as we were able to accommodate their high-end, design led specifications and provide them with the necessary flexibility while at the same time securing a strong and institutionally accepted covenant at a market rent."
Property agent CBRE Hotels and A&L Goodbody acted for Oakland Holdings in the transaction.