Extended-stay hotel operator Cycas Hospitality has opened its first hotels outside the UK and bolstered its senior development team ahead of a European expansion.
It has agreed a deal with developer Heren2 to open a dual-branded property in Amsterdam under Marriott’s Moxy and Residence Inn brands.
The hotels, on Amsterdam’s western harbour front in the Houthavens area, will be managed by Cycas Hospitality under a franchise agreement from Marriott International.
They are Marriott’s second tranche of dual-branded properties in Europe. The Moxy Amsterdam Houthavens will contain 120 bedrooms, seven meeting rooms, a bar and lounge.
The Residence Inn Amsterdam Houthavens will feature 60 studios and one-bedroom suites. The hotels share a pool, sauna and gym.
Euro expansion
The launch of these properties is the first part of Cycas’ plans to expand the extended-stay hotel concept throughout Europe.
The firm will focus on the Benelux countries, France and Germany as it aims to treble its number of guest rooms from 3,000 open and operating, or signed and in the pipeline, to more than 10,000, in the next five years.
It will also continue to expand across the UK, where it has 11 hotels comprising 1,450 beds in its portfolio in cities including London, Liverpool and Newcastle. Its most notable hotels include the IHG Staybridge Suites brands.
The group has also made three appointments to its development and acquisition team, led by Asli Kutlucan, as part of this expansion.
Lisa Neubueser will join the team as director of development and will be based in Germany focusing on German properties.
Neubueser formerly worked for Dutch extended-stay brand Zoku International and was previously director of hotel fund management at Invesco Real Estate in London, where she oversaw a European hotel real estate portfolio valued at more than €1bn (£876m).
Nicole Perreten, who formerly worked with international hospitality consulting firm HVS, will lead the Cycas feasibility team.
Christos Georgiou, whose experience includes roles with Spitfire Capital Advisors, UBS and Nomura, will be business development manager, focusing on expansion in the UK and M&A transactions.
Thai investors
The expansion of the development and acquisition team follows a multi-million-Euro investment from Thai group Hua Kee.
The Thai family office, and hotel owner and operator, in Southeast Asia, Australia and Europe acquired a one-third share in Cycas, and its investment provides the business with additional working capital as well as a co-investment partner and potential for future deals.
Cycas Hospitality’s turnover under management is forecast to treble over the next two years from €38m to over €100m, based purely on the business’s existing, secured and signed pipeline of hotels.
Eduard Elias, partner and co-founder at Cycas Hospitality, said: “These new hotels, coupled with the expansion of our development and acquisition team, prepare us for further growth. With the capital in place to fund our ambitions and a bolstered team now on board, we are looking for new sites to operate across continental Europe.
“As well as launching our first hotels in continental Europe, this is the first time we have operated Marriott’s Moxy brand.”
Asli Kutlucan, partner at Cycas Hospitality, added: “Whereas extended stay is already established in the US, there is a opportunity to expand this asset class in Europe. I’m confident we’ve hired the best people in the business to ensure Cycas remains at the forefront of this market.”
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