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STAYCITY APARTHOTELS HAS announced a tenfold increase in its Dublin properties by 2022.
The company offers both short-term and long-term aparthotel lettings.
Founded in 2004 by brothers Tom and Ger Walsh, the company started with a single apartment in Dublin’s Temple Bar, a former recorded studio used by the likes of U2.
Staycity has now expanded into nine other cities, mainly in the UK, with over 4,500 apartments. It currently has 179 apartments in Dublin.
This year, Staycity opened new aparthotels in Marseille, Lyon and Manchester, as well as revealing details of a new premium brand, Wilde Aparthotels by Staycity, the first of which will open in London this Spring. A second will follow in Edinburgh in 2019.
Staycity has announced that it plans to add another site to the group’s Dublin estate in 2019. It plans to open a property in Chancery Lane in the city centre, with 50 apartments.
A further 142 apartment buildings will open its doors on Mark Street in 2020.
Staycity expects to have 1,500 keys operating in Dublin by 2021.
In 2019, the company also plans to open another property in Liverpool’s Corn Exchange, with 212 one and two-bedroom apartments. Another 284-key aparthotel will be opened near Disneyland Paris in Val d’Europe.
Finally, the company will open in the city of Venice with 175 units, and preliminary work is underway on a third Manchester property in St Peter’s Square, expected to open at the end of 2019 with 250 apartments.
Financial growth
Staycity finance director Colm Whooley said that the company has seen strong profit margins in 2017, as the annual turnover for the year is expected to reach €60 million.
“Brexit and general economic environment have remained a risk but we have attempted to reduce that risk, where possible, with a strategy of growing the business across a number of markets and actively managing currency exposure through foreign exchange hedging,” Whooley said.
Staycity properties are made up of studios, one-bedroom and two-bedroom apartments with 24-hour reception, kitchens, dining rooms, sitting areas and bathrooms.
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Fantastic place to stay, stayed in an English one. 5*
@GizmoIrl: Really? I take it you haven’t stayed in a 5* hotel.
@Kal Ipers: okay, tell us all about your experience in a 5 star hotel.
@Kal Ipers: he didn’t say he stayed in a 5 star hotel.
@GizmoIrl:
Jasus, there’s always one clown waiting with a moronic answer.
This is why it costs so much to live in Dublin
@Ciaran Tuomey: that and every other expense landed on the taxpayers
@Ciaran Tuomey: What nonsense. Do you see a hotel and think the same?
@Kal Ipers: Apart hotel takes Apartments off the market push up other prices Econ 101
@Kal Ipers: available development land is a scarce and finite resource. Developing development land for Aparthotels, hotels and in some locations offices diverts resources from permanent residential development.
If there was a surplus of development land, the situation would be different. There is so much hoarding that availability for actual development is very limited.
Ciara by Twoment also identifies a valid rental inflationary concern, a pumping up of prices.
It is nice too be able to accommodate visitors, short stay and long stay, but permanent residents needs to be prioritised in a severe under supply situation.
Of course, AirBnB has an even more detrimental effect on consuming scarce supply and edging out more permanent and long stay residents.
@Fiona deFreyne: We need more hotel rooms to have tourists. These tourists create employment and the employees pay taxes. Taxes pay for social welfare. Prime city centre locations are no place for social housing. You can get better value by building in the suburbs and mixing private and social housing. There is something to be said for keeping communities together but the reality is they are generally not healthy communities.
There needs to be a housing solution but Ireland needs to expand too
Apartheid hotel? This won’t end well.
But what about the homeless?
@Clancy: Doubt they have the money to set up a competing business
It’s call aparthotel?
@FlyingDogThing: No, it IS an aparthotel.
I hope they’re not planning on tax capital allowances to set against profits.
have your say