Serviced apartment company SACO has merged with investment firm Oaktree Capital Management to create a new hospitality company and launch a brand aimed at the millennial traveller.
The new concept, Beyonder Apart Hotel, is a serviced apartment brand developed by CL Serviced Apartments, Oaktree’s existing 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 the new brand.
It will have a portfolio of 1,645 apartments, including 945 apartments across 10 properties in the UK and Europe that are scheduled to open in December 2015, along with SACO’s existing portfolio of 700 apartments throughout the UK.
Beyonder Apart Hotels is aimed at the millennial traveller (aged between 24-35) with each property a minimum of 30 square metres and equipped with tablets that control “everything from the lighting to the TV and blinds”. Each property will have free wifi throughout.
The first apartment is due to open in London in December this year.
Lesley Freed, founder of SACO, said: “Oaktree is a highly respected investor with a long and successful track record investing throughout the United Kingdom and Europe.
“SACO is pleased to be partnering with Oaktree on this transaction, as we will benefit from both their expertise and capital commitment as we seek to expand our suite of products with the launch of Beyonder ApartHotels, and redefine serviced accommodation by offering our customers a range of options in key destinations across the globe.”
The combined company will be led by Stephen Hanton, managing director of SACO since 2012, who will become CEO of commercial, and Max Thorne, who has led Oaktree’s entry into the serviced apartment sector and the development of the Beyonder ApartHotel concept, who will become CEO of property.
SACO founders, David and Lesley Freed have re-invested in the combined company and plan to stay actively involved.