Serviced apartment company SACO, which was recently acquired by affiliates of Brookfield Asset Management, has completed a series of new acquisitions that will add almost 1,000 new units to its Locke lifestyle aparthotel concept.
The design-led brand, which bridges the gap between contemporary lifestyle hotels and luxury serviced apartments, opened its first site in East London in October 2016.
The company subsequently secured additional sites in London, Berlin, Cambridge, Manchester, Dublin and Paris.
The new sites, which offer 970 units in total, will open between 2018 and 2020.
SACO chief executive Stephen Hanton said: “The business is entering a new phase in its development and we couldn’t be more delighted to be doing it with such an experienced and well-supported parent company.
“SACO’s mission is to ‘reshape hospitality’ – straightforward but ambitious. With Brookfield’s support and the planned expansion programme, we believe that our ambition can be achieved.”
The current pipeline brings SACO’s operational assets to 39 locations, offering a total of 1,950 units. With a pan-European expansion programme now under way, SACO is aiming to increase its key count to 4,500.
SACO’s development team will be targeting major European cities, including London, Amsterdam, Hamburg, Munich, Paris, Stockholm, Copenhagen, Barcelona, Milan, Lisbon, Madrid and Berlin.
The acquisitions follow the openings over the past two years of the Cannon in the City of London, Leman Locke in Aldgate, Eden Locke in Edinburgh and the Wittenberg in Amsterdam.
The company plans to open Whitworth Locke in Manchester this summer and a boutique concept in Moorgate later this year.
Eric Jafari, SACO Property Group’s managing director, said: “Like all ambitious endeavours, it was a difficult road to get here and we are thrilled to partner with Brookfield for the next chapter. Its corporate culture, professionalism and sector knowledge make it an invaluable partner in taking the platform forward.”
To send feedback, e-mail amber.rolt@egi.co.uk or tweet @AmberRoltEG or @estatesgazette
