European aparthotel operator Staycity Group has reached a new milestone for annual turnover as the company has stepped up its expansion plans.
The Dublin-based firm said it had broken through the €200 million turnover barrier for the year ending on 1 May and is “on target” to reach sales of €230 million during the whole of 2023.
Staycity said it had benefited from “improved trading” as business travel returned alongside the opening of 12 new properties across Germany, France, Ireland and the UK in the past 18 months. The company currently has 32 aparthotels with a total of around 6,000 units in operation across its Staycity and Wilde brands.
Turnover in 2022 for Staycity Group reached €175 million, up by nearly €100 million on 2019’s sales, with room rates rising by 15 per cent on pre-pandemic figures and revpar (revenue per available room) up by 10 per cent over the same period.
Staycity Group co-founder and CEO Tom Walsh said: “As we went through last year it became clear that the recovery in our business, and the wider hospitality sector, was gaining momentum as people started travelling again and corporate bookings slowly began to pick up.
“This year is looking even stronger with demand for city breaks across Europe now reaching pre-pandemic levels.”
Staycity is due to open another six properties in 2023 and 2024 including its first aparthotels in Amsterdam, Cambridge, Munich, Lisbon and Porto.
The company has also acquired a site in the Stratford area of London, which will be developed into an “ultra-green” 240-apartment property, as well as securing another location in Nuremberg, Germany.
“We have some exciting projects under way and we are set to reach our target of 10,000 signed and opened keys by December 2023,” added Walsh. “We are excited to be taking our brands into new European cities and continue to seek further locations in our target areas.”