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Aparthotel operator Staycity has announced the opening of nearly 850 new apartments to its portfolio during 2016.
The expansion will include the addition of 125 new apartments to its London Heathrow property and the opening of five further sites next year. In total 843 new apartments will be opened.
The London Heathrow extension, expected to be completed in March 2016, will give the property 269 apartments as well as a larger lounge area on the ground floor with seating and a coffee outlet. It will also include Staycity’s first on-site restaurant.
Five further openings throughout the year will be in locations including Birmingham New Hall Square, where 170 apartments open in January; York, where 190 apartments will open in June; and in Marseille, where 108 units will open in the summer.
There will also be openings in London’s Covent Garden with 106 apartments and Lyon where 144 apartments are also expected to open during the year.
The expansion comes after a strong trading year for the firm which reported it is on target for a 22% increase in turnover for 2015, up from €32m (£22.6m) in 2014 to €39m (£27.5m) in 2015.
The announcement follows research from the Association of Serviced Apartment Providers (ASAP) and Savills which found the serviced apartment sector is set to expand faster than any other segment in the UK hospitality market over the next two years.
The plans put the company – located in eight cities across the UK and Europe – on target to reach its goal of 3,500 apartments over the next 24 months and 10,000 apartments by 2020.
