Dublin aparthotel operator announces five-year £30m support facility as it opens seventh property

A Dublin headquartered aparthotel operator has announced a five-year £30m loan facility as it opens its seventh property in its home city.

Staycity Group has undergone a period of expansion over the past two years, opening 2,700 self-catering apartments across its Staycity Aparthotels and Wilde Aparthotels brands. The operator’s growth in Dublin has created some 300 jobs across its new sites, as well as in its head office in the city centre.

OakNorth Bank, headquartered in London, who have provided the loan, has pledged further facilities if required.

The new backing from the bank sees the conversion of a £15m COVID support loan granted in 2020 become a regular loan facility on the back of Staycity’s like-for-like RevPAR (rooms revenue per available room) and operating margins now ahead of 2019 levels together with healthy bookings into the final trading quarter of 2022.

Tom Walsh, CEO and co-founder of Staycity Group, said: “Dublin City Centre completes our current phase of openings in Dublin and we’re delighted to be able to offer our guests a great choice of properties across the city.

“Dublin is immensely important to us and its fantastic to see the growing popularity of the city as a destination for both leisure and increasingly returning business travellers.”

“Staycity is going into 2023 in a strong position with trading this year having surpassed our expectations. Our sales have been driven by leisure recovery and growth through our corporate channels.

“We are also pleased that our guest scores across both brands are very high. Looking forward, we’re cautious as all businesses are facing a number of macro economic threats including high levels of inflation, rising energy costs and the on-going impact of the war in Ukraine.

“With these new OakNorth and ISIF facilities in place we have contingency plans if the economy moves into recession. We are immensely proud and grateful for the on-going support and recognition we have from these two institutions.”

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