Skip to content 
Search

Latest Stories

OakNorth Bank completes £30m loan to Staycity group to boost growth

UK-based OakNorth Bank has completed a £30 million loan to Europe’s leading aparthotel operator Staycity Group.

With the funding, Staycity plans to open another 10 aparthotels in 2021 and operate some 15,000 apartments by 2026-27.


The bank was advised by Lee Federman, partner at Jones Day, on the deal.

“Staycity has been profitable both at the site level and group level for 15 of the 16 years it’s been operating and has an almost 90 per cent customer satisfaction level. It expects to benefit from its diverse mix of clientele, which includes both domestic and international leisure travellers across 30 major European cities," said Deepesh Thakrar, senior director of debt finance at OakNorth Bank.

"The team has prudent projections in relation to overall performance and occupancy rates over the next year, as well as exciting longer-term ambitions, so we’ll have plenty of opportunities to support them again in the future.”

OakNorth Bank provides fast, flexible and accessible debt finance to fast-growth businesses and established property developers/investors. It has debt finance teams in London, Manchester, Bristol, Birmingham, Leeds and East Anglia.

Staycity’s fast-expanding estate includes properties in Berlin, Birmingham, Dublin, Edinburgh, Liverpool, London, Lyon, Manchester, Marseille, Paris, Paris Marne-la-Vallée (near Disneyland Paris), Venice Mestre, and York.

Tom Walsh, CEO and co-founder of Staycity, said: “We very much enjoyed the process of refinancing with OakNorth and we are looking forward to working with the great team there for many years to come.

"The pandemic has hit the hospitality sector particularly badly but being an aparthotel operator, we expect to have a faster recovery than traditional hotels as travellers seek the safety of self-catering accommodation and service at an attractive price. We fully expect to emerge in a strong position to move forward and fulfil our ambitious five-year business plan.”

In 2019, Staycity’s turnover grew 14 per cent to €78m (£69.8m), with EBITDA rising around 11 per cent with an occupancy rate of 87 per cent.

The company had set a target to deliver revenues of €100m(£89.5m) in 2020 before the pandemic.

Founded in 2004, the Irish-owned Staycity has 21 properties across the UK, France, Ireland, Italy and Germany. The business operates under two brands – Staycity Aparthotels and its premium Wilde Aparthotels by Staycity.

More For You

UK business district
The Canary Wharf business district including global financial institutions in London.
Getty Images

Bond yields ease following Starmer’s support for Reeves

THE COST of UK government borrowing fell on Thursday, partially reversing the rise seen after Chancellor Rachel Reeves became emotional during Prime Minister’s Questions.

The yield on 10-year government bonds dropped to 4.55 per cent, down from 4.61 per cent the previous day. The pound also recovered slightly to $1.3668 (around £1.00), though it did not regain all its earlier losses.

Keep ReadingShow less
modi-trump-getty
Modi shakes hands with Trump before a meeting at Hyderabad House in New Delhi on February 25, 2020. (Photo: Getty Images)
Getty Images

Indian exporters watch closely as Trump says trade deal with India likely

THE US could reach a trade deal with India that would help American companies compete more easily in the Indian market and reduce tariff rates, President Donald Trump said on Tuesday. However, he cast doubt on a similar deal with Japan.

Speaking to reporters on Air Force One, Trump said he believed India was ready to lower trade barriers, potentially paving the way for an agreement that would avoid the 26 per cent tariff rate he had announced on April 2 and paused until July 9.

Keep ReadingShow less
Kolhapuri sandal sales surge in India post Prada controversy

Customers shop for 'Kolhapuri' sandals, an Indian ethnic footwear, at a store in New Delhi, India, June 27, 2025. REUTERS/Adnan Abidi

Kolhapuri sandal sales surge in India post Prada controversy

INDIAN footwear sellers and artisans are tapping into nationalist pride stoked by the Prada 'sandal scandal' in a bid to boost sales of ethnic slippers with history dating back to the 12th century, raising hopes of reviving a struggling craft.

Sales are surging over the past week for the 'Kolhapuri' sandals that have garnered global attention after Prada sparked a controversy by showcasing similar designs in Milan, without initially crediting the footwear's origins.

Keep ReadingShow less
UK business district
The Canary Wharf business district including global financial institutions in London.
Getty Images

Economy grew 0.7 per cent in Q1 2025, fastest in a year

THE UK economy expanded at its fastest pace in a year during the first quarter of 2025, driven by a rise in home purchases ahead of a tax deadline and higher manufacturing output before the introduction of new US import tariffs.

Gross domestic product rose by 0.7 per cent in the January-to-March period, the Office for National Statistics (ONS) said, confirming its earlier estimate. This was the strongest quarterly growth since the first quarter of 2024.

Keep ReadingShow less
modi-trump-getty
Trump shakes hands with Modi during a joint press conference at Hyderabad House in New Delhi on February 25, 2020. (Photo: Getty Images)
Getty Images

Key issues in India, US trade talks

TRADE talks between India and the US have hit a roadblock over disagreements on duties for auto components, steel and farm goods, Indian government sources said to Reuters, dashing hopes of reaching an interim deal ahead of president Donald Trump's July 9 deadline to impose reciprocal tariffs.

Here are the key issues at play:

Keep ReadingShow less