25-26 November 2020 11/25/2020 1:00:00 PM 11/26/2020 6:00:00 PM Europe/London

ULF

The leading industry news resource; industry awards and international b2b conference and exhibitions for the sector Unit 1, Canada Water Retail Park, Surrey Quays Rd SE16 2XU International Hospitality Media info@internationalhospitality.media
Tobacco Dock, Tobacco Quay, Wapping Lane, London, E1W 2SF Tobacco Dock, London

Staycity secures new financing deal

Staycity has secured a €22.5 million flexible loan facility with Dunport Capital to support its growth plans.

CFO Wayne Arthur said that turnover for the year to December is expected to have grown by 14 per cent to €78 million, with EBITDA rising around 11 per cent. The year saw the group put significant investment into central functions to support the opening of 1,800 keys in its secured pipeline over the next two years.

“The year was a challenging one, particularly in the UK where confidence has been fragile due to Brexit uncertainty,” said Arthur. “Despite these challenges we delivered a record like-for-like occupancy of 87.3 per cent and are delighted to have signed a new €22.5 million 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 CEO Tom Walsh added: “I am delighted with the progress made in 2019, not only did we deliver industry-leading occupancy levels, we’ve also gained our strongest ever guest satisfaction scores. We are on target to deliver revenues of over €100 million 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.”

View all Articles

“Having hosted numerous events within co-working, co-living, hostels, BTR, hotels and serviced apartment venues over the last few years, attendees are already witnessing the convergence of urban hospitality and real estate first-hand - it makes sense to bring everybody together for this unique experience of doing business.”

Piers Brown, CEO International Hospitality Media

Subscribe and keep up-to-date