Founders David and Lesley Freed, Managing Director Stephen Hanton and Marketing Director Jo Redman announced at the International Hotel Investment Forum in Berlin that SACO has merged with Oaktree to form a £60 million hospitality company.
The partnership includes the launch of the Beyonder ApartHotel brand, an innovative serviced apartment concept which has been developed by CL Serviced Apartments, Oaktree’s existing serviced apartment platform.
The combined company, which will operate under the SACO name, will comprise both Oaktree and SACO’s existing serviced apartment offering, as well as the new Beyonder ApartHotel product.
Portfolio of 1,645 apartments
It will have a portfolio of 1,645 apartments, which includes new transactions on 945 apartments across 10 properties in London, Amsterdam, Edinburgh, Glasgow, Aberdeen and Dublin that are scheduled to open beginning December 2015, along with SACO’s existing portfolio of over 700 operated apartments across the United Kingdom.
Beyonder ApartHotels
Beyonder ApartHotels is focused on helping millennial travellers get the most from their stays – whether it’s for six days or six months. Each Beyonder ApartHotel unit is a minimum of 30 square metres and has four distinct areas – bedroom, bathroom, kitchen and living space – and is designed to exceptionally high standards. Tablets control everything from the lighting to the television to the blinds, and free, high-speed wireless internet, telephone and films come standard.
The first Beyonder ApartHotel is due to open in London in December 2015.
Lesley Freed, founder of SACO, says: “Oaktree is a highly respected investor with a long and successful track record investing throughout the United Kingdom and Europe.
“SACO is pleased to be partnering with Oaktree on this transaction, as we will benefit from both their expertise and capital commitment as we seek to expand our suite of products with the launch of Beyonder ApartHotels, and redefine serviced accommodation by offering our customers a range of options in key destinations across the globe.”
Management
The combined company will be led by Stephen Hanton, managing director of SACO since 2013, who will become CEO of Commercial, and Max Thorne, who has led Oaktree’s entry into the serviced apartment sector and the development of the Beyonder ApartHotel concept, who will become CEO of Property. SACO founders, David and Lesley Freed have re-invested in the combined company and plan to stay actively involved.
Stephen Hanton says: “This transaction marks the exciting next chapter of SACO’s growth and development. We have acquired and are developing a unique set of properties for our growing business traveller clientele, whose preferences include more space and better integration into the fabric of the cities in which they are temporarily working and living.”
Max Thorne adds: “This new serviced apartment business will fit perfectly with the prime city-centre properties upon which we are expanding. Our new Beyonder ApartHotels will complement SACO’s existing range of high quality properties and will establish a new standard in this dynamic sector.”
For more information about SACO apartments click here
For more information about Beyonder Group click here
The post SACO merges with Oaktree Capital Management appeared first on Hospitality & Catering News.