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Staycity Group has announced that it has posted record turnover for the year ended 1 March 2023, breaking through the €200m (£171m) threshold.
The company also posted an EBITDA of €30m (£26m) and its RevPAR was up 10% on 2019.
Occupancy trended at 89% in the second half of 2022 while operating margin for the year rose to 17% as the business scaled up in size.
The company also stated that new openings, most notably in London Paddington and Dublin City Centre, performed ahead of expectation.
Tom Walsh, co-founder and CEO, said:“As we went through last year it became clear that the recovery in our business, and the wider hospitality sector, was gaining momentum as people started travelling again and corporate bookings slowly began to pick up.This year is looking even stronger with demand for city breaks across Europe now reaching pre-pandemic levels.
“We have some exciting projects underway and we are set to reach our target of 10,000 signed and opened keys by December 2023. We are excited to be taking our brands into new European cities and continue to seek further locations in our target areas.”
Staycity currently operates 32 aparthotel properties across its Staycity and Wilde brands with the total estate, including signed pipeline, at 7,400 keys.
