It has been disclosed that the Amsterdam-based serviced apartment operator, Cycas Hospitality, will receive a multi-million euro investment from Thai family office, Hua Kee. The family office also owns and operates several hotels in Southeast Asia, Australia and Europe and is now taking a one-third share of Cycas. As the largest branded extended-stay hotels operator in the UK, with an aggressive expansion plan to open 10,000 rooms in the next five years, this opportunity will provide Cycas with some much-needed capital to fulfill their expansion goals and also give them the benefit of having an investor for future deals.
The article reads:
"Extended-stay accommodation, which includes serviced apartments and apart-hotels, is a new and dynamic asset class in Europe and is evolving as a major subsector in the hotel industry as leisure and business travellers increasingly seek and value flexibility and independence," Eduard Elias, co-founder of Cycas Hospitality, said in a statement.
"In comparison with the US, Europe is largely underdeveloped and undersupplied in the extended-stay sector, and we are anticipating this sector to gain significantly more market share in the short, medium and long-term," Erik Jacobs, a representative of Hua Kee, said in a statement.
Hua Kee Group is a privately held conglomerate of various business holdings. With its origin in Thailand, Hua Kee is active in the industrial, residential and hospitality sectors. On the hospitality side, Hua Kee is active in Southeast Asia, Australasia and Europe, with investments covering most areas in the hospitality sector ranging from urban full service conference hotels under Narai Group to smaller boutique hotels, resort hotels, limited service budget hotels, hostels and serviced apartments.