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Bespoke Hotels is set to move into the serviced apartment sector after announcing it has acquired a minority stake in serviced apartment operator Staying Cool.
The recently signed deal involves a minority equity stake, a co-development agreement and the appointment of Bespoke co-founder and chairman Robin Sheppard, as chairman of Staying Cool, which currently has one property in Birmingham.
In a statement, the companies said the investment will bring both businesses a number of valuable opportunities” including the joint development of new sites across the UK as either dedicated aparthotels or mixed-use sites combining both hotel and serviced apartments.
The two firms are currently in discussions over several schemes, which would add to Staying Cool’s 30-room apart-hotel at Birmingham’s iconic Rotunda building.
Sheppard said: “This partnership is a first for the UK. At Bespoke we see the rapid growth of the serviced apartment sector as a significant market opportunity rather than a threat to established hotels.
“With its focus on design, innovation and customer service, Staying Cool is one of the most exciting apartment brands we could hope to partner with.”
Tracey Stephenson and Paul Taylor, the co-founding directors of Staying Cool, added they were “delighted” by the deal and what it offers.
