IRISH ‘APARTHOTEL’ CHAIN Staycity expects a near-tenfold increase in its Dublin footprint within a few years, with 1,500 units planned for the capital by 2021.
The company, founded in 2004 by brothers Tom and Ger Walsh, started by offering a single apartment in Dublin’s Temple Bar in a former recording studio used by the likes of U2.
It has since expanded into nine other cities, mainly in the UK, with over 4,500 serviced apartments. It currently has 179 apartments in Dublin.
This year, Staycity opened new aparthotels in Marseille, Lyon and Manchester, as well as launching a new premium brand, Wilde Aparthotels by Staycity, the first location for which will open in London this spring with a second to follow in Edinburgh next year.
Staycity has announced that it plans to add another site its Dublin estate in 2019, when it plans to open a property in Chancery Lane in the city centre with 50 apartments.
A further 142 apartments will open on Mark Street in 2020, while Staycity expects to have a total of 1,500 units in Dublin by 2021.
In 2019, the company also plans to open another property in Liverpool as well as a 284-apartment complex near Disneyland Paris in Val d’Europe.
It will also open a property on the mainland near Venice in Italy, with its total portfolio expected to hit 15,000 apartments by 2022.
Staycity finance director Colm Whooley said that the company has seen strong profit margins in 2017 and its turnover for the year was expected to top €60 million. It has previously said it was targeting €300 million in turnover by 2022 and a potential IPO.
He said Brexit remained a risk to the firm, but it had tried to reduce that risk “with a strategy of growing the business across a number of markets”.
The company’s latest accounts, for 2016, show it recorded turnover of €47.9 million, up from €28.8 million the previous year. Its net profit was more than €2.5 million, an increase on its €815,000 profit for 2015.
Written by Hayley Halpin and posted on TheJournal.ie