Staycity reveals new £19m financing deal

06 January 2020 by
Staycity reveals new £19m financing deal

Aparthotel operator Staycity has kicked off the new year with a new financing deal with asset manager Dunport Capital, giving it a €22.5m (£19.15m) loan to support the group's ongoing growth plans.

Staycity's growth plans this year include a 224-apartment property in Manchester's Northern Quarter scheduled to open in March.

The group also said turnover for the year to December is expected to have grown by 14% to €78m (£66.33m), with earnings before interest, tax, depreciation and amortisation (EBITDA) rising around 11%.

Chief financial officer Wayne Arthur said: "The year was a challenging one, particularly in the UK where confidence has been fragile due to Brexit uncertainty. Despite these challenges we delivered a record like-for-like occupancy of 87.3% and are delighted to have signed a new €22.5m loan facility with Dunport Capital, after five years of fantastic support from Proventus, which has secured Staycity with a flexible, seven-year loan as well as significant interest savings and a supportive Dublin-based partner."

Staycity co-founder and chief executive Tom Walsh added: "We are on target to deliver revenues of over €100m (£85.08m) in 2020 along with continued profit growth. The new year will see us continuing to work towards our target of operating 15,000 apartments by 2024."

The Dublin-based group operates nearly 3,000 apartments across 12 European cities, including Birmingham, London, Liverpool, York and Edinburgh, which opened in December under Staycity's Wilde brand.

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