Today’s news in brief – 1/10/24
Cycas Hospitality has been appointed to manage Yotel London Shoreditch, marking its ninth hotel in the UK capital and expanding its overall European portfolio to 55 properties. The 161-room hotel, built in 2018, is in a prime location in East London, close to Old Street and Liverpool Street stations, and offers easy access to cultural and nightlife spots. Designed for modern travellers, the hotel features tech-driven amenities like self-check-in kiosks, smart room layouts, and espresso machines. Cycas plans to enhance the guest experience while maintaining the hotel’s innovative appeal. Tite Street Capital, one of the joint venture partners, believes the partnership with Cycas will help elevate the hotel as a standout destination in the area.
Seren Hospitality has secured a minority investment from global private equity firm Wrightwood Investments, allowing it to expedite the refurbishment of its newly acquired Penmaenuchaf hotel in Snowdonia National Park. The investment will also support Seren’s plans to expand its existing venues and explore new locations. Wrightwood sees this partnership as a way to support Welsh businesses that align with its values, while Seren is eager to continue promoting Welsh culture and hospitality. Seren CEO Neil Kedward said the investment will provide resources for growth and innovation while staying true to Seren’s core values of exceptional service and community impact.
Savills forecasts that UK hotel investment volumes could reach £5bn by year-end 2024, matching pre-pandemic levels. In the third quarter alone, investments reached £626m, marking a 54% increase compared to the previous year. Notable deals included Pandox’s acquisition of three Residence Inn aparthotels for £230m. London has seen a significant recovery, with volumes up 91% year-to-date. Falling debt costs and investor confidence have driven this momentum, making hotels one of the most resilient asset classes in commercial real estate. Savills expects this positive trend to continue into the fourth quarter, attracting interest in both premium and budget assets.
Numa Group plans to expand Native Manchester’s room count from 166 to 193 units as part of its growth strategy after acquiring the lifestyle aparthotel brand from Native Holdings. Located in Ducie Street Warehouse, Native Manchester offers a variety of stylish apartments and facilities, including a bar, fitness area, and mini cinema. Numa will introduce its digital services, such as contactless check-in and 24/7 guest support, to enhance the guest experience. This partnership highlights Numa’s dedication to offering high-quality, digitally optimised accommodations in key locations.
