Staycity Looking To Make €300m Turnover By 2022
Dublin-based aparthotel group Staycity is hoping to achieve a turnover of €300 million as well as a possible stock-market flotation by 2022.
Company co-founder Tom Walsh announced that turnover rose from €25 million to €48 million over the three-year period from 2013 to 2016.
According to The Irish Times, Staycity aims to increase its current portfolio of 2,000 rooms to 15,000 over the next five years, with a particular focus on Dublin, the UK and Germany. Walsh stated that this business plan will generate 120 new employment opportunities within the company.
Staycity is expected to commence construction on two developments on Dublin's Pearse Street in conjunction with Irish investment group Tetrarch Capital this autumn. It also plans on applying for permission this month to build 300 new units with Broadhaven near the fruit markets on Capel Street. In the short term, Staycity has aspirations to bring a total of 650-700 apartments to the market in the capital.