Property Management Company Cycas Acquires Staybridge Suites Newcastle

Property management company Cycas Hospitality has acquired sought after hotel Staybridge Suites Newcastle. This is the 5th Staybridge Hotel to come under the Cycas umbrella. The hotel will continue to operate under the Staybridge Suites Newcastle name.

Cycas Hospitality is already responsible for the property management of two hotels in the North West. It acquired Staybridge Suites Liverpool in February of this year with a hotel set to open in Manchester in 2017. Completing the Staybridge Suites portfolio are the London based Vauxhall and Stratford City hotels.

Staybridge Suites Newcastle has been operating from its Buxton Street location since it opened in 2009. It currently ranks 2nd out of 81 hotels in Newcastle-upon-Tyne and also achieved 20th place in TripAdvisor’s Top Hotel of 2015. The property boasts 128 suites comprised of 95 studios and 33 one bedroom apartments.

‘A natural fit’

Speaking following the deal Managing Partner of Cycas Hospitality Eduard Elias said: “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.”

Cycas’ full portfolio extends even further. The company recently announced a deal with Starwood Capital Group for managing extended stay hotels in London Bridge, Tower Bridge, Bermondsey and Earls Court / Kensington. This makes Cycas the 2nd biggest operator of serviced apartment/apart-hotels in the UK’s capital.

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.”