- Loan capital will support future growth as Staycity to expand to 18,000 keys by 2029;
- Increased consumer awareness, the rise of digital nomads, and the curb on Airbnb in some markets continues to drive demand for aparthotels.
DUBLIN, 12 February 2025: OakNorth, the digital bank for entrepreneurs, has completed a £77m loan to Staycity Group, the Irish-owned, pan-European aparthotel business which is looking to triple in size over the next five years.
Staycity, founded in Dublin in 2004, has two aparthotel brands – Staycity Aparthotels and the lifestyle brand Wilde. The group currently operates 6,000 keys across 36 aparthotels in France, Germany, Ireland, Italy, and the UK. Staycity recently announced the acquisition of a 74.9% stake in the Munich-based Felix Group, giving it properties in Leipzig, Dresden, and another site under construction in Vienna. This year it will open Wilde’s in Amsterdam, Cambridge, Lisbon, Porto, and Vienna with further London locations, a site in Bordeaux, and another in Oxford under development. Expansion of Staycity Aparthotels includes the recent addition of 124 apartments in Dalston, East London and the acquisition of a 98-apartment site in the centre of Belfast.
Over the past 12 months, the business has strengthened its senior executive team with several key hires including Andrew Fowler as its chief development officer, as well as the consolidation of its acquisitions team, increasing its presence in northern, southern and eastern Europe.
Tom Walsh, CEO and co-founder of Staycity Group, commented: “Staycity has been operating for 20 years and throughout that time, we’ve expanded and developed as an organization, but always remained focussed on ensuring our customers have a great experience with us. OakNorth has played a pivotal role in our journey over the past five years, helping us accelerate our growth considerably. We’re hugely grateful for OakNorth’s support and the partnership we’ve built.”
Deepesh Thakrar, senior director of debt finance at OakNorth added: “Staycity is one of OakNorth’s most notable success stories – since its initial financing from us in 2020, it has undergone remarkable growth. Its rigorous site selection and closely managed acquisition pipeline has helped it grow profitability at both site level and group level. We very much look forward to seeing Staycity’s continued growth and success.”
ENDS
Notes to editors
About OakNorth
Launched in September 2015, OakNorth is the digital bank for entrepreneurs, by entrepreneurs, empowering the lower mid-market (businesses with £1m-£100m turnover) to support growth, prosperity, and innovation for the benefit of all.
Since its launch, the bank has:
- Lent over £12bn to these businesses, directly helping with the creation of 56,000 new jobs and 34,000 new homes across the UK;
- Provide deposit services to over c.315,000 savers.
It is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Visit www.oaknorth.co.uk for more information.
Media contact
Valentina Kristensen, Corporate Affairs Director – [email protected] / [email protected] / 0757 234 9009
About Staycity Group
Dublin-based Staycity Group was established in 2004 by CEO Tom Walsh and his brother Ger, who spotted a gap in the market for quality short- and longer-term stay apartments. Beginning with a single apartment in Dublin’s Temple Bar, Staycity now has 6,000 apartments in 36 aparthotels across 17 cities, appealing to business and leisure travellers from across the globe.
Staycity Group’s aparthotels operate under the Staycity Aparthotels and Wilde brands offering studio, one-bed and two-bed apartments sleeping up to six people. The well-equipped apartments have fully fitted kitchens alongside space to dine, work and relax. All properties have a 24-hour reception with most having a guest lounge, café, bar, laundry room, gym and parking.
Current locations include Berlin, Birmingham, Bordeaux, Dresden, Dublin, Edinburgh, Frankfurt, Heidelberg, Leipzig, Liverpool, London, Lyon, Manchester, Marseille, Paris, Venice and York with more exciting cities in the pipeline. www.staycity.com www.wilde.com
Media contact:
Linda Pettit, Tilburstow Media Partners
[email protected]
Mobile: +44 79 7378 9853