Berlin, Germany – 03 March 2015 – Funds managed by Oaktree Capital Management (“Oaktree”) and The Serviced Apartment Company (Saco) today announced the merger of their serviced apartment platforms to create a hospitality company that will be a leader in the serviced accommodation sector. The combined company today also announced at the International Hotel Investment Forum in Berlin the launch of Beyonder ApartHotel, an innovative serviced apartment concept which has been developed by CL Serviced Apartments, Oaktree’s existing serviced apartment platform.
The combined company, which will operate under the SACO name, will be comprised of both Oaktree and SACO’s existing serviced apartment offering, as well as the new Beyonder ApartHotel product. It will have a portfolio of 1,645 apartments, which includes new transactions on 945 apartments across 10 properties in London, Amsterdam, Edinburgh, Glasgow, Aberdeen and Dublin that are scheduled to open beginning December 2015, along with SACO’s existing portfolio of 700 operated apartments across the United Kingdom.
Beyonder ApartHotels is focused on helping millennial, global travellers get the most from their stays – whether it’s for six days or six months. Each Beyonder ApartHotel unit is a minimum of 30 square metres and has four distinct areas – bedroom, bathroom, kitchen and living space – and is designed to exceptionally high standards. Tablets control everything from the lighting to the television to the blinds, and free, high-speed wireless internet, telephone and films come standard.
The first Beyonder ApartHotel is due to open in London in December 2015.