Irish property mogul Stephen Vernon has acquired a 5% stake in serviced apartment company Staycity.
Investing via his John Pollard Foundation Vernon will join the Staycity board as a non-executive director but says he intends to take an active role by working with CEO and co-founder Tom Walsh to grow the Dublin-based business. Vernon is also co-founder and chairman of property investment firm Green REIT Plc.
Vernon said: “I’m delighted to become involved with the Staycity Group. It’s a dynamic business with exciting growth plans to be the biggest pan-European aparthotel company – I’m very much looking forward to being a part of that.”
Walsh added: “It is an honour to have Stephen join our board and for his foundation to join our shareholder group. Stephen will add enormously to our success and our ability to secure future sites – and most importantly, he is a great fit for our culture. I look forward to many years of interesting and challenging collaboration with him as we continue on our ambitious journey to scale the business.”
Staycity appears to be very much ‘one to watch’ in the fast expanding serviced apartment business. It currently has around 7,000 apartments either operating or in the pipeline across Europe and aims to have 15,000 by 2023. The UK operation already has properties in London, Birmingham, Edinburgh, Liverpool, Manchester and York. Two new sites will open in Edinburgh and Manchester in 2019, with a third Manchester location in the pipeline.