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
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
The funding is being used to support the development of four Locke aparthotel schemes across London, Dublin
The specific micro-locations have been "carefully identified by
SACO to meet both leisure and corporate demand in tier-one European
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
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
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.
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
"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
IHG now has three extended stay brands in its portfolio -
Staybridge Suites, Candlewood Suites and the new Atwell Suites
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."
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
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.
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
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
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.
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
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.
The open event took place at the city's Guildhall and featured
display boards to illustrate how the aparthotel and car park will
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
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
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