The Student Hotel announced that it received a capital increase and equity commitment of €150m from Perella Weinberg Real Estate which will allow it to expand further into Europe.
The hotel brand will operate a total of 2,200 rooms by 2015 and aims to operate 10,000 across Europe by 2020. It will be expanding into France, Spain, and the UK, where it will set up hotels in London, Brighton and Edinburgh.
Founder and chief executive of The Student Hotel Charlie McGregor said: “We are thrilled about our partnership with Perella Weinberg Real Estate. The movement of students between countries has become a global phenomenon and the growing number of international students deserve more and better accommodation options, no matter where they go in Europe.
“It’s great to work with an investment partner that shares our vision to roll out high-quality and community-driven student and hotel accommodation across Europe.”
Managing director at Perella Weinberg Real Estate UK LLP Vincent Rouget said: “We are truly excited about our partnership with The Student Hotel and its management team. We believe The Student Hotel is one of the most exciting concepts in student accommodation today.”
The Student Hotel owns and operates hotels in leading university cities that attract international students, young professionals, and youth travellers. Its hotels range in size from 350 to 700 rooms and are designed to meet the flexible accommodation needs of its target market, the millennial generation.
The brand maximises its occupancy yields by mixing long-stay student accommodation with short-stay hotel facilities to make a more flexible model. It considers itself ‘boutique’ and targets an under-serviced market, offering food and beverage services, events, amenities and a flexible rental system to occupants.
“The unique design and hybrid business model of The Student Hotel makes it well suited to cater to those that seek short and long-term study and training opportunities at home and abroad,” explained Rouget.