Business Irish

Sunday 19 January 2020

Staycity in €22.5m financing deal as turnover increases

Ellie Donnelly

Ellie Donnelly

Serviced apartments giant Staycity, which caters for short-and long-stay travellers, has announced a €22.5m financing deal with Dunport Capital.

Meanwhile, the Dublin-based group, which now operates nearly 3,000 apartments across 12 European cities, said turnover for the year to December is expected to have grown by 14pc to €78m.

Earnings before interest, taxation, depreciation and amortisation have risen by around 11pc in the 12 month period.

Looking to this year and the group said it is on target to deliver revenues of over €100m in 2020.

Staycity co-founder and CEO Tom Walsh said: “The new year will see us continuing to work towards our target of operating 15,000 apartments by 2024.”

In August last year Staycity entered the Italian market with a 175-unit property in Venice, while in September it opened a 284-key aparthotel in the Val d’Europe area near Disneyland Paris.

Last year also marked Staycity’s entry into the German market with the opening of a 48-apartment Wilde Aparthotel by Staycity, the company’s premium brand.

The development forms one of several new buildings located at the former Checkpoint Charlie area on the Friedrichstrasse in central Berlin and is one of two Staycity sites opening in the German capital in the coming years.

Staycity’s growth plans continue into this year with a 224-apartment property in Manchester’s Northern Quarter scheduled to open in March, to be followed in November by a 142-apartment building on Dublin’s Mark Street.

By 2021 Staycity expects to have over 1,000 apartments operating in Dublin.

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