Staycity Group aiming to triple in size after £77m loan

Irish-owned aparthotel business Staycity Group is looking to triple in size over the next five years after receiving a £77m loan from OakNorth bank.

Founded in Dublin in 2004, the group has two aparthotel brands, Staycity Aparthotels which operates seven sites in the UK, and the lifestyle brand Wilde (pictured), which has six locations in the UK.

The group currently operates 6,000 keys across 36 aparthotels across the UK and Europe. The loan will support future growth as Staycity looks to expand to 18,000 keys across Europe by 2029.

In the UK this year, the group will open Wilde aparthotels in Cambridge and London, with another site in Oxford under development.

Recent expansion has included the launch of 124 apartments in London’s Dalston and the acquisition of a 98-apartment site in the centre of Belfast.

Tom Walsh, chief executive and co-founder of Staycity Group, said: “Staycity has been operating for 20 years and throughout that time, we’ve expanded and developed as an organization, but always remained focused on ensuring our customers have a great experience with us."

Deepesh Thakrar, senior director of debt finance at OakNorth, said: “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.”