Lifestyle hospitality developer on course to deliver 1,000 new units by 2019
SACO The Serviced Apartment Company, has announced ambitious plans for the expansion of its Locke boutique aparthotel concept. The design-led concept, which bridges the gap between contemporary lifestyle hotels and luxury serviced apartments, opened its first site in October 2016 and is now set for expansion throughout the UK and continental Europe.
While the inaugural Locke site in east London has exceeded trading expectations by some 50+% since its launch, SACO Property Group has been quietly assembling a pipeline of new sites as part of a Pan-European roll-out. In the past three months, SACO has secured further development opportunities in London, Manchester and Dublin totalling around 1,000 units.
Locke’s second site, Eden Locke, will open in Edinburgh in June 2017, offering a further 72 suites, while an additional site in east London has just been submitted for planning. The group is now targeting further acquisitions in Paris, Berlin, Stockholm, Copenhagen, Dublin and Hamburg, in addition to bolstering its presence in other major UK cities.
Eric Jafari, Managing Director of SACO Property Group, said: “SACO’s mission is to redefine hospitality and Locke is one of the few initiatives we are pursuing to do so. It has been very exciting to finally see the fruits of labour become reality. We have learned a lot through the process and our aspiration is for the next Locke to be better than its predecessor. Our objective is to continue securing development opportunities in all Europe tech hubs by 2018.”
With £100+ million of equity to deploy in 2017, the group aims to continue its pace of 1,000+ units per annum.