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Dublin-based aparthotel operator Staycity Group has announced the acquisition of a 74.9% stake in the Felix Group owned by Munich-based Denkmalneu.
As a result of this deal Staycity will now operate three aparthotels, in Leipzig and Dresden in Germany and in the Austrian city of Vienna.
Both the Leipzig and Dresden aparthotels, with a total of 388 rooms, will be rebranded as Staycity Aparthotels.
The 130-apartment property in Vienna, currently under construction, will open under Staycity’s lifestyle brand, Wilde, in the second quarter of 2025.
The deal, for an undisclosed sum, furthers Dublin-based Staycity Group’s on-going European expansion.
The company currently operates 5,800 rooms in 35 aparthotels across France, Germany, Ireland, Italy and the UK with a development pipeline taking it to 10,000 keys.
In 2025 Staycity will open in Amsterdam, Cambridge and an additional location in London as well as moving into Portugal for the first time, with a Wilde opening in both Lisbon and Porto.
Tom Walsh, Staycity Group CEO, said: “We are thrilled at the prospect of operating aparthotels in the heart of these three beautiful European cities and very much look forward to working with the team at Denkmalneu as well as welcoming new colleagues from the Felix Group.
“As we near the end of 2024 I’m delighted that Staycity remains in a strong financial position, with high levels of liquidity and no net leverage. This enables us to continue seeking well-located aparthotel opportunities across Europe, with the DACH region of Germany, Austria and Switzerland being very much part of our strategic growth.”
Thomas Scherer, CEO and founder of DMN added: “We are delighted to place our hotels in the hands of a strong partner and look forward to a long-term partnership and an ambitious growth strategy. The synergies between DMN as a project developer and Staycity as an experienced operator form a strong foundation for a successful joint venture.”
