Cycas Hospitality has purchased Staybridge Suites Newcastle through Christie & Co.
The acquisition further extends Cycas' UK portfolio, after a recent deal with Starwood Capital Group to manage its four extended-stay hotels in Earls Court/Kensington, London Bridge, Bermondsey and Tower Bridge.
The 128-suite property on Buxton Street will continue to be branded as a Staybridge Suites hotel, becoming the fifth Staybridge Suites property under Cycas management.
'Newcastle is one of the most culturally and commercially dynamic cities in the UK. It has invested over £250 mln (€278 mln) in transforming its cultural infrastructure,' commented Eduard Elias, managing partner of Cycas Hospitality. 'Newcastle’s accessibility, its skilled workforce and the presence of strong international companies makes it a natural fit for the extended-stay hotel market.'
Cycas also owns the Staybridge Suites in Liverpool (acquired in February), Staybridge Suites London - Vauxhall, Staybridge Suites London – Stratford City and the Staybridge Suites Manchester, which is due to open in 2017.
Jeremy Jones, head of brokerage – hotels at Christie & Co added: 'Strong interest was received for the Staybridge Suites Newcastle from a wide range of domestic and international parties. The sale to Cycas Hospitality of this excellent example of the Staybridge extended stay product is further evidence of the strength of regional UK trading levels and demand for such branded hotels.'
