The 93-suite extended-stay hotel will operate under a franchise agreement with Spring Mews, a subsidiary of CLS Holdings and will be managed by Cycas Hospitality, who manage Staybridge Suites at London Stratford City and Liverpool.
Staybridge Suites Vauxhall will be situated within the new Spring Mews development on Albert Embankment where IHG will open a 130-bedroom Crowne Plaza hotel in 2015.
Spacious apartment-style suites will include fully-equipped kitchens, LED TVs, work areas and free Wi-Fi. Guests will also have use of a fitness room, business centre, laundry room and The Pantry, the brand's own convenience store Staybridge Suites Hotels also offer a complimentary full breakfast buffet and a social evening reception three days a week.
IHG chief development officer, Europe Robin Shepherd said the opening was part of the company's plans to increase the number of extended-stay hotels in the UK. There are currently three Staybridge Suites properties in operation - Liverpool, Newcastle and London Stratford City - with another due to open in Birmingham later this year.
"We're seeing increasing demand for extended stay properties in a market driven by corporate business," said Shepherd. "Staybridge Suites is a distinctive part of our growth story in Europe and we're delighted to be working with our new owner partner Spring Mews on this project.”
“Extended stay hotels are beginning to make their mark in the UK and the Staybridge Suites concept from IHG is proving very popular,” said Cycas Hospitality director John Wagner. "The homely Staybridge Suites experience appeals to both public sector and corporate business travellers working on projects and longer-term assignments.”
The news comes as a report by real estate advisors Savills shows 'significant potential' for growth across the serviced apartment/extended-stay sector.
Tim Stoyle, head of hotel valuations at Savills said expansion plans by companies like IHG meant that the UK could reach the same levels of growth as the US by 2018.