Extended-stay hotel operator Cycas Hospitality has agreed a deal for its first site in France, where it will manage the first dual-branded Hyatt property in Europe.
Cycas has signed a lease agreement to operate the Hyatt Place and Hyatt House hotels, which are both on one site, close to Paris Charles De Gaulle airport. Cycas currently operates Hyatt Place London Heathrow Airport.
The 230,000 sq ft, five-storey building is located in Paris Nord 2 business park at 241 rue de la Belle Etoile in Roissy. It will have a total of 430 rooms – 309 at Hyatt Place and 121 at the Hyatt House extended-stay hotel – with the hotels sharing conference, extensive all-day dining and bar facilities, a gym and a large swimming pool.
Hyatt House will be the first extended-stay hotel around Charles de Gaulle airport and follows a detailed feasibility study by Cycas showing that there is a strong market for extended-stay hotels at major airports; Hyatt has also experienced success with similar locations in the US.
Corporate business
As well as appealing to international guests, the hotel location will attract corporate business from nearby major commercial and industrial hubs around Charles de Gaulle airport and the A1 corridor, which links Paris with Lille and the north of France.
Developed by Kaufman & Broad, the hotels are set to open in the second half of 2020.
Asli Kutlucan, partner at Cycas Hospitality, said: “This is a milestone in our international rollout plans, taking advantage of the growing and widely untapped market for the extended-stay concept in Europe to bridge the gap between hotels and home.
“With further deals in our pipeline in France and Germany our next key focus, we are making progress towards our target of having more than 10,000 guest rooms open and operating by 2022.”
Opportunities
Felicity Black-Roberts, vice president development, Europe and North Africa at Hyatt Hotels, said: “We are confident that Cycas’s experience of managing double-decker hotels will help us take advantage of the opportunities that this airport location offers for corporate as well as leisure travellers.”
David Laurent, senior vice-president commercial property and major urban projects of Kaufman & Broad, said: “This realisation shows the capacity of Kaufman & Broad to develop several complex projects and meet the expectations of the population density and the new customs of the city.”
The deal is Cycas’s first following a major investment from Huakee Group, the Thai family office and a major hotel owner and operator in south-east Asia. With this backing, Cycas is rapidly growing its operations in Europe, including opening its first dual-branded hotel in Amsterdam at the beginning of the year under Marriott’s Moxy and Residence Inn brands.
To send feedback, e-mail amber.rolt@egi.co.uk or tweet @AmberRoltEG or @estatesgazette
