Starwood Capital has appointed Cycas Hospitality to manage its four extended-stay hotels in Earls Court/Kensington, London Bridge, Bermondsey and Tower Bridge.
The portfolio of 640 studios and one/two-bedroom open plan suites which Starwood's Global Opportunity fund X (SOF X) acquired in 2015 is currently undergoing refurbishment, due to be completed in mid-2017.
'We appointed Cycas Hospitality based on the company’s excellent track record in the extended-stay sector in the UK and Europe,' commented Nick Chadwick, vice president at tarwood Capital Group. 'We are confident that Cycas Hospitality’s proven management techniques, coupled with a skill set that is relentlessly focused on making customers happy, will produce the best results for our guests and, ultimately, our investors.'
'We are delighted to make these exciting new additions to our portfolio, and proud that Cycas Hospitality has now become the second largest operator of serviced apartment/apart-hotels in London,' said Eduard Elias, managing director at Cycas. 'These properties are perfectly located in the heart of some of London's fastest-growing submarkets.'
Cycas, which also has ongoing relationships with Marriott, Hyatt and IHG, said it would be working initially with Starwood on a brand strategy for the London properties.
The deal makes Cycas the second largest operator of serviced apartments and apart hotels in the UK capital.
