The 128 suite Newcastle property on Buxton Street will continue to be branded as a Staybridge Suites hotel and will be the fifth Staybridge Suites property under Cycas management.
The acquisition is a further extension of Cycas’ portfolio after recently announcing its contract with Starwood Capital Group to manage its four extended-stay hotels in Earls Court/Kensington, London Bridge, Bermondsey and Tower Bridge making them second largest operator of serviced apartment/apart-hotels in London.
Eduard Elias, Managing Partner of Cycas Hospitality says: “Newcastle is one of the most culturally and commercially dynamic cities in the UK. It has invested over £250m in transforming its cultural infrastructure. The city is well positioned on the high-speed East Coast mainline so most of the UK’s city hubs are just a short train ride away. New intercity trains are also due to run between Liverpool and Newcastle by December 2017. Newcastle’s accessibility, its skilled workforce and the presence of strong international companies makes it a natural fit for the extended-stay hotel market.”
Staybridge Suites Newcastle will join the UK’s first Staybridge Suites in Liverpool (acquired by Cycas Hospitality in February this year), Staybridge Suites London -Vauxhall, Staybridge Suites London – Stratford City and the Staybridge Suites Manchester, which is due to open in 2017.
Jeremy Jones, Head of Brokerage – Hotels at specialist business property adviser Christie & Co added: “Strong interest was received for the Staybridge Suites Newcastle from a wide range of domestic and international parties. The sale to Cycas Hospitality of this excellent example of the Staybridge extended stay product is further evidence of the strength of regional UK trading levels and demand for such branded hotels.”
Originally opened in spring 2009, Staybridge Suites Newcastle is ranked second out of 81 hotels in Newcastle-upon-Tyne and was voted 20th Top Hotel of 2015 by TripAdvisor. The property consists of 128 guest suites including 95 studios and 33 one-bedroom apartments.