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The property features of a mix of studios, one- and two-bedroom apartments with area for a ground floor restaurant and back of house space, two off-street parking spaces and a deliveries parking bay.

The site is in the city centre, with restaurants, retail and office space close by. The Overgate shopping centre, the newly upgraded train station, the Waterfront and the new V&A Museum are all within minutes of Project Tay, which has views of the Dundee Waterfront, the V&A museum and the river towards the Kingdom of Fife.

The property is owned by Assurance Developments Limited, and The MRP Group has been retained to find an operator.
 
Max Thorne, the MRP Group's CEO, said: "We are very excited to announce Project Tay. Dundee has seen a lot of activity, both from investors and global interest which only confirms our belief that Dundee is a world class destination. As a key city in Scotland, extended-stay accommodation is in high demand as more businesses relocate to take advantage of upcoming citys. Consequently, Dundee has seen this demand soar. The city is a cosmopolitan hub for business and leisure, recently being announced as the UK's only UNESCO City of Design. As you can see, Dundee holds a lot of promise and we look forward to taking this aparthotel to the next steps."

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The funding is being used to support the development of four Locke aparthotel schemes across London, Dublin and Lisbon.

The specific micro-locations have been "carefully identified by SACO to meet both leisure and corporate demand in tier-one European cities".
 
Richard Howe of Cheyne Capital said: "The funding of these transactions demonstrates Cheyne's continued ability to provide flexible loan solutions to complex development projects across multiple jurisdictions. As an evolving asset class with strong fundamentals, the aparthotel sector is gathering serious momentum and we are pleased to support an institutional quality business like SACO on its journey to become a market leader in this space."
 
Merzak Kaddour, investment director at Saco, said: "We are delighted to have partnered with Cheyne Capital who offer a flexible approach to debt structuring and a thorough understanding of the sector. Their ability to move fast and thus offer certainty of execution across multiple jurisdictions is what sets this team apart.  We look forward to a prolonged working relationship."

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The property will be in Swedish shipbuilder Kockums' former administration building, near the heart of the city. It will feature 97 apartments of different sizes, ranging from 15 to 42 square metres, with fully equipped kitchens and bathrooms.

The building in the Varvsstaden district was built in 1912 and was designed by Malmö architect Axel Stenberg. It is of significant cultural and historical value and many of its original features will be retained.

Each unit has its own character, with original features from their former roles. One example is the old boardroom, which is clad in wooden panelling typical of the 1920s. In another room, the safe from 1910 still stands.

"This type of conversion of an older, grandiose building is a philosophical as well as an economic decision," said Annika Öman, property project director at Forenom. "A conversion rather than a new build is definitely not something you choose to do because it's cheaper, but possibly because you appreciate a challenge."

The building's original windows have been retained and restored. The interior doors have been salvaged from Varvsstaden. Industrial lamps and old wired glass are given new life in the entrance. The original Kockums colour palette helps to retain the building's character. Since each room has a different floor plan, the interiors had to be adapted accordingly.

"Each room is remodelled and furnished individually, providing a wonderful atmosphere. We'll most likely get many regulars wanting to book 'their' room," said Öman. "Just measuring up 97 bespoke sets of curtains, with no two the same, was quite a feat."

The shipyard, which Kockums acquired in 1870, was Malmö's largest workplace for many years. Many Malmö residents have personal memories of the area, and there are strong local ties. Forenom says it is extremely pleased to be able to offer a new lease of life to an important part of Malmö's cultural heritage.

"Kockums was an important workplace in its day, and the first company in Skåne to recruit outside labour. Now we're following in their footsteps with long-stay accommodation for people working somewhere other than their normal place of residence," said Måns Friberg, area director for sales at Forenom.

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Quest Tauranga Central will feature 42 apartments made up of studios, one- and two -bedroom apartments. All have fully equipped kitchenette and laundry facilities, separate living and dining areas, LCD TV with in-room entertainment plus more features.

Quest Apartment Hotels group general manager Adrian Turner said: "Tauranga and the Bay of Plenty regions is growing with an 11 per cent increase in population in the last census. Businesses in general are moving to the region which is putting pressure on infrastructure. An increase in flights to the region also indicates significant growth to the region. Quest Tauranga Central is there to provide short to medium term accommodation predominantly to the corporate traveller who, due to the full serviced apartment nature of our product, can stay for a number of nights. Demand for our type of accommodation from our key corporate accounts was also an important factor.

"Last year Quest partnered with Air New Zealand to become the exclusive accommodation provider in their Airpoints for Business programme. A normal Airpoints member can also earn points by booking any Quest property via the new booking app available in both the Apple app store and in Google Play. All bookings made in the app for the new Tauranga property will earn triple points even on the opening special studio rates from $127 per night," he added.

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IHG now has three extended stay brands in its portfolio - Staybridge Suites, Candlewood Suites and the new Atwell Suites flag.

As a GTMC Industry Partner, IHG "has the opportunity to build upon its strong profile in the business travel market and will undoubtedly add substantial value to the GTMC hotel partnership programme and strategy group. IHG will participate in a number of high-profile networking events and will work with GTMC members in resolving common industry issues".

Adrian Parkes, chief executive of GTMC, said: "We are really excited to welcome IHG to the GTMC.  Our members are keen to work with our global and domestic hotel brands to improve products and services for the business travel sector and the business traveller. Having IHG as a contributing partner to our Hotel Strategy Group will help significantly with the common industry issues we are hoping to address. The IHG portfolio of brands is very important to our members and their clients and I am sure our partnership will assist greatly in the development of strong bilateral relationships. The partnership will also offer opportunities for the IHG team to work closely with our Conference & Events strategy group."

Debbie Male, head of Sales Europe, IHG, said: "We know that business travel is fundamental to our business and we're really excited to announce our partnership with GTMC today. This is a great opportunity to continue the work already underway to strengthen our role within the business travel market and meet the needs of modern business travellers."

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Under the agreement, Dur Hospitality owns 60 per cent of Jeddah-based Shada Homes, and transformed the legal entity of Shada from a closed joint stock company to a limited liability company.

Hasan Ahdab, president of hotel operations, Dur Hospitality, said: "We were internally eyeing the serviced apartment market and were in the process of developing a brand for it. However when we came across Shada and met the owners, we found that this is the right vehicle for us to increase our presence, so we went ahead and acquired the brand. We are really expanding and spending wherever the opportunity lies."

"The market segment for hotel apartments in Saudi Arabia is something I would call the national market. Domestic travellers need them when traveling from one city to the other and our job is to expand and meet these demands. I would not say that we have abandoned the idea of a new brand, but with the acquisition of Shada, we have decided not to pursue our previous work under serviced apartments," he added.

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Called Room for Possibility, the campaign spotlights the brands that "enable business travellers the freedom to maintain their lifestyles, uninterrupted on the road".

The integrated effort features Residence Inn by Marriott, Element Hotels and TownePlace Suites by Marriott to reinforce each brand's style and offerings, while highlighting "their spacious accommodations that provide the extra space and amenities business travellers desire".

The multi-platform campaign is the first from Marriott International since the hospitality industry leader introduced its new loyalty platform Marriott Bonvoy earlier this year.

The extended stay category accounts for 20 per cent of Marriott International's portfolio as well as 25 per cent of its global growth. A qualitative research study commissioned by Marriott International was leveraged to develop the Room for Possibility campaign. Marriott says: "While the brands have always designed for more space and a better experience, the research showed more so than ever that travellers are looking to blend the best parts of being at home with the best parts of being on the road, free from the regular routines of life and that is what these brands offer."

Paige Francis, vice president global brand marketing, Marriott Classic Select Brands, said: "We believe that when people travel, they shouldn't have to compromise on the experience. We've designed these brands to allow guests the flexibility and versatility to choose how they eat, work, and experience a destination. We know our guests crave the comforts of home as well as the freedom that travel allows, inspiring this campaign to celebrate how business travellers can live their lives while on the road, beyond the business they came for." 

Room for Possibility includes "individual 30-second spots highlighting the distinct experiences and amenities across the featured brands, with an all-encompassing, anthemic 60-second spot bringing all three together".

The campaign will span the US and Canada with broadcast, in-flight, in-airport and digital/social. Marriott International collaborated with mcgarrybowen to develop and produce the campaign, with the spots directed by Jonathan Baker and Josh Baker of RESET Content.

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Set to open in November 2020, the five-storey hotel will have around 150 rooms. Shane Williams, the group's vice president of construction, said: "It's geared toward the person that might have to come into town for meetings and stay for a couple days or a couple weeks, or people like myself who might have to stay (in town for meetings) for two or three days at a time. It's nice to have not only a hotel room, but a space where you can sit down in a living-room type environment and have an office set up."

The units will range from studios to two-bedroom suites with kitchens. The extended-stay hotel will also have a fitness room, pool, outdoor and indoor social spaces and a lounge serving cocktails and meals. VCC is the contractor and Type Six is the architect for the project.

Williams said the Hyatt House is the first of three total potential hotels to be built in the mixed-use project.

Metropark Square will also include a 10-screen AMC Theatre and a Dave & Buster's, multi-family housing, restaurants, retail amenities and a central green space area.

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At its conference in Las Vegas, IHG said Staybridge Suites and Candlewood Suites will get new exteriors with front porches to create a welcoming feel, public areas with shared workspaces, social areas, breakfast spaces that can be converted into a lounge area, and new suites with more distinct zones for working, relaxing and sleeping.

Candlewood Suites, which has properties in the US, Canada and Mexico, will also get a new logo.

Heather Balsley, IHG's senior vice president, global marketing mainstream brands, said: "We are continually evolving and investing in our brands, and at the centre of our latest enhancements sits extensive customer research and close collaboration with our owners. This is crucial to delivering brand experiences that fit the ever-evolving needs of mainstream travellers and drive performance for our hotel owners. As these new prototypes start rolling out across the market, we know they will take guest satisfaction and brand strength to the next level."

IHG also announced its new extended-stay brand Atwell Suites at the conference.

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The open event took place at the city's Guildhall and featured display boards to illustrate how the aparthotel and car park will look.

Cambridge Investment Partnership (CIP), which is a collaboration between Cambridge City Council and Hill Investment Partnerships, is working with development partner Marick Real Estate (MRE) to submit a detailed planning application for the redevelopment following the consultation. Council officers, representatives from MRE and Staycity were on hand at the event. Feedback received will be used to shape proposals for the final planning application.

Cllr Lewis Herbert, leader of the city council, said: "Creating a new underground car and cycle park and adding an aparthotel at Park Street will be a major improvement for this part of the city centre. We will be replacing an outdated car park with a scheme that will add a long-term economic boost for the area north of the historic city core, including electric charging able to service every parking place in the future. The new car park will offer 60 per cent of current car capacity which reflects actual usage and aligns with our strategy to encourage people to use public transport in order to improve air quality. The aparthotel will diversify the city's visitor accommodation, helping to increase the length of stays which is good news for local businesses. We will continue to work closely with Park Street liaison group, residents, businesses and the local primary school to keep them informed and to minimise disruption once the redevelopment gets under way."

The proposed Wilde aparthotel will feature a maximum of 229 units, a publicly accessible courtyard with landscaping, and a food and beverage offer tailored to its guests.

The basement car park is set to provide 225 publicly available car parking spaces, including blue badge parking, cycle parking spaces, motorcycle parking space and facilities for electric vehicle charging.

Wilde Aparthotels is Staycity's design-led premium brand, offering high quality, bespoke apartments equipped with the latest intelligent in-room technology including a 43" flat screen smart TV and touch control panels for lighting, air conditioning, towel rails and blinds. Luxury features include a super-comfy XL-sized bed, rainfall shower and high quality bed linen complemented by a collection of Irish-inspired crafted accessories and soft furnishings.

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