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The Serviced Apartment Company (SACO) has announced that it is set to double the size of its business.
The plans, which were outlined last week as part of Savills’ and the Association of Serviced Apartment Providers’ (ASAP) report on the sector, are an attempt to meet the continuing growth in demand from business and leisure travellers for serviced apartments and aparthotels.
Stephen Hanton, CEO of commercial, said: “Demand from business and leisure travellers for serviced apartments and aparthotels continues to grow strongly and, to meet this, SACO will be doubling in size in the next few years.
“In the next two years alone, we will be opening six properties in the UK and Ireland, with a particular focus on Scotland where we will open new properties in Edinburgh and Aberdeen.”
SACO’s latest property on London’s Cannon Street will open in the first half of 2016 and will feature 80 apartments, an on-site gym, a communal lounge area and “superfast” Wi-Fi throughout.
Hanton added the firm is planning a series of properties opening toward the end of 2016 including its 170 unit at Leman Street, in the City of London, along with key destinations across Europe. The company is looking at a pipeline of new property acquisitions.
The serviced apartment sector is expected to be the fastest growing sector in the hospitality market – doubling in size by 2018. Last week Staycity announced the opening of 843 new apartments.
