Staycity has announced that Stephen Vernon’s John Pollard Foundation has acquired a 5% shareholding in the company.
Stephen Vernon is an accomplished property entrepreneurs and is the co-founder of Dublin and London listed property investment company Green REIT and chairman of the investment manager.
Vernon joins the Staycity board as a non-executive director but said he intends to take an “active role” by working with CEO and co-founder Tom Walsh and his team in achieving their growth targets. The transaction was arranged by Investec Corporate Finance.
Vernon said: “I’m delighted to become involved with the Staycity Group. It’s a dynamic business with exciting growth plans to be the biggest pan-European aparthotel company – I’m very much looking forward to being a part of that.”
Tom Walsh added: “It is an honour to have Stephen join our board and for his foundation to join our shareholder group. Stephen will add enormously to our success and our ability to secure future sites – and most importantly, he is a great fit for our culture. I look forward to many years of interesting and challenging collaboration with him as we continue on our ambitious journey to scale the business.”
Dublin-based Staycity, established in 2004, currently has 7,000 apartments in operation and pipeline across the Staycity Aparthotels and Wilde Aparthotels by Staycity brands. Staycity’s target is to operate 15,000 apartments by the end of 2023.