Brookfield owned SACO buys for aparthotel concept

By Paul Norman - Tuesday, March 06, 2018 13:41

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SACO, the Serviced Apartment Company recently bought by affiliates of Brookfield Asset Management, has completed a series of acquisitions adding close to 1,000 units to its Locke lifestyle aparthotel concept.

The concept, which sets out to bridge the gap between contemporary lifestyle hotels and luxury serviced apartments, opened its first site in East London in October 2016. It has secured additional sites in London, Berlin, Cambridge, Manchester, Dublin and Paris. The sites, which offer 970 units between them will all open between 2018 and 2020.

Stephen Hanton, SACO’s CEO said: “The business is entering a new phase in its development and we couldn’t be more delighted to be doing it with such an experienced and well supported parent company. SACO’s mission is to “Reshape Hospitality”, straightforward but ambitious. With Brookfield’s support and the planned expansion programme, we believe that our ambition can be achieved.”

The pipeline brings SACO’s operational assets to 39 locations, offering a total of 1950 units. With a Pan-European expansion programme now underway, SACO aims to increase its key count to 4,500.

SACO’s development team will be targeting major European capitals including London, Amsterdam, Hamburg, Munich, Paris, Stockholm, Copenhagen, Barcelona, Milan, Lisbon, Madrid and Berlin.

The acquisitions follow the openings of the Cannon in the City of London, Leman Locke in Aldgate, Eden Locke in Edinburgh and the Wittenberg in Amsterdam over the past two years. It is scheduled to open Whitworth Locke in Manchester this summer and a boutique concept in Moorgate later this year.

Eric Jafari, SACO Property Group’s MD, said: “Like all ambitious endeavours, it was a difficult road to get here and we are thrilled to partner with Brookfield for the next chapter. Its corporate culture, professionalism and sector knowledge make them an invaluable partner in taking the platform forward.”

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