Staycity Group has secured a £77 million loan from OakNorth to support its expansion plans.
The aparthotel business – which currently operates 6,000keys across 36 aparthotels in France, Germany, Ireland, Italy and the UK – plans to use the funds to support its ambition to expand to 18,000 keys by 2029.
Staycity recently announced the acquisition of a 74.9 per cent stake in Munich-based Felix Group, giving it properties in Leipzig, Dresden as well as another site under construction in Vienna. This year it will open Wilde’s in Amsterdam, Cambridge, Lisbon, Porto and Vienna with further London locations as well as a site in Bordeaux and another in Oxford under development.
The expansion of Staycity Aparthotels includes the recent addition of 124 apartments in Dalston, East London and the acquisition of a 98-apartment site in the centre of Belfast.
What they said
Tom Walsh, CEO and co-founder of Staycity Group said: “Staycity has been operating for 20 years and throughout that time, we’ve expanded and developed as an organization. OakNorth has played a pivotal role in our journey over the past five years, helping us accelerate our growth considerably. We’re hugely grateful for OakNorth’s support and the partnership we’ve built.”
Deepesh Thakrar, senior director of debt finance at OakNorth added: “Staycity is one of OakNorth’s most notable success stories - since its initial financing from us in 2020, it has undergone remarkable growth. Its rigorous site selection and closely managed acquisition pipeline has helped it grow profitability at both site level and group level. We very much look forward to seeing Staycity’s continued growth and success.”