Saco, the serviced apartment business acquired by Brookfield last month for £430 mln (€485 mln), has completed a series of new acquisitions that will add almost 1,000 new units to its Locke lifestyle aparthotel concept.
The design-led concept, which opened its first site in East London in October 2016, has now secured additional sites in London, Berlin, Cambridge, Manchester, Dublin and Paris.
The new sites offer a total of 970 units and will all open between 2018 and 2020.
The current pipeline brings Saco’s operational assets to 39 locations, offering a total of 1950 units, which Saco aims to increase to 4,500.
Stephen Hanton, SACO’s CEO, said: 'The business is entering a new phase in its development and we are absolutely delighted to be doing it with such an experienced and well supported parent company. Saco’s mission to reshape hospitality is straightforward but ambitious and, with Brookfield’s support and the expansion programme that we have planned, we believe that ambition can be achieved.'
Saco’s development team will be targeting major European capitals including London, Amsterdam, Hamburg, Munich, Paris, Stockholm, Copenhagen, Barcelona, Milan, Lisbon, Madrid and Berlin.
The acquisitions follow the openings of the Cannon in the City of London, Leman Locke in Aldgate, Eden Locke in Edinburgh and the Wittenberg in Amsterdam. Saco is also scheduled to open Whitworth Locke in Manchester this summer and a boutique concept in Moorgate later this year.
