Staycity Aparthotels: Brexit won't change our expansion plans

By Emma Eversham contact

- Last updated on GMT

Staycity Aparthotels: Brexit won't change our expansion plans

Related tags: United kingdom, Hotel

The boss of Staycity Aparthotels has said his company will continue with its ambitious plans to grow its business across Europe despite Britain's intention to leave the EU. 

Tom Walsh, CEO of the Dublin-based aparthotel operator said the company would continue to forge ahead with plans to grow its European business from 2,700 apartments to 4,000 by the end of this year and 15,000 by 2021. 

“We remain committed to expanding in Europe and the UK, where we are actively looking for further sites which will allow us to grow further in line with projections in our five year business plan," he said. 

The UK is a key market for Staycity, Walsh said with new sites in Covent Garden, Liverpool and Manchester set to join those in Birmingham, Edinburgh and Heathrow. The company's seventh UK site - a 197-bedroom aparthotel - opens on Thursday in York. 

“While the UK’s exit from Europe is likely to cause some uncertainty in both the property and the hotel sectors, particularly when it comes to investment, the UK is strategically an important destination for us to operate within so I can see no reason to change our plans," he said. 

Speaking at the start of the Serviced Apartment Summit Europe (12-13 July), Walsh said Staycity's performance had been strong over the last year. 

“Our turnover reached €40m last year and is expected to grow to €50m this year," he said "A strong performance with higher margins saw our EBITDA rise from €3.85m in 2014 to €5.65m in 2015, up 46 per cent, despite significant additional investment in growth. This was well ahead of our budget for the year and was achieved on notable results across many of our cities."

Related topics: Business, Hotels, Venues, Hospitality Services

Related news

Show more

Related products

show more

BOOK IT, latest research from Zonal and GCA

BOOK IT, latest research from Zonal and GCA

Zonal | 08-Apr-2019 | Research Study

For the first time ever, booking a table online has overtaken telephone reservations, according to the latest GO Technology report from Zonal.

2019 Trends in guest experience and reputation

2019 Trends in guest experience and reputation | 01-Apr-2019 | Technical / White Paper

What are the developments and challenges in online reputation and customer experience management this year? Discover the 5 top key trends that stand to...

Confronting Foodservice Industry Challenges

Confronting Foodservice Industry Challenges

Checkit | 08-Mar-2019 | Technical / White Paper

It’s a tough environment for Foodservice, but not without opportunity. Winners will pay close attention to operational detail, using technology for efficiencies,...

Related suppliers


Follow us

Hospitality Guides

View more

Featured Suppliers

All suppliers