Cycas Hospitality has named its first CEO since it was founded in 2008 with the appointment of former IHG executive Matt Luscombe.
Luscombe brings nearly 20 years’ experience to Cycas, including a decade at Intercontinental Hotels Group (IHG), most recently as chief commercial officer for Europe. Prior to this, he spent five years leading IHG’s franchise business across Europe and Africa, working with Cycas on the hospitality industry’s first Olympic partnership with a dual-branded property in London Stratford City.
He joins from Australian retail firm Coles Group, where he was general manager.
In his newly-created role, which he will take up on 1 March, Luscombe will be responsible for guiding Cycas through its next phase of growth plans, which is set see the business triple in size and boost its presence in Western Europe. He will be based at the company’s head office in Amsterdam.
Founders Eduard Elias and John Wagner will remain active in the company’s strategic leadership through positions on its board alongside investor Huakee.
The appointment follows major growth for Cycas, which brought in three new brands in 2018 and doubled its portfolio. It has expanded into Belgium, France, Germany and the Netherlands in the past year.
Cycas plans to have 10,000 rooms across Europe in its portfolio by 2022.
Luscombe said: “Cycas is a true innovator in the hospitality sector and a business that over the last decade I’ve watched grow into a significant European hotel management company. While at IHG I always admired Cycas’s deliberate focus on employees and company culture and saw first-hand how its distinctive approach successfully translated into happy, loyal guests and delighted business partners. To join at such a pivotal moment in the company’s inspirational journey is a privilege and, as CEO, I look forward to helping Cycas roll out its award-winning concept further.”
Co-founder Elias commented: “Cycas has come a long way since we pioneered the branded extended stay concept in the UK in 2008 and opened London’s first double-decker hotel in 2012. This is an exciting time for us and the right opportunity to enhance the way Cycas operates.
“With an expanded team in place, unrivalled partnerships with some of the world’s most successful hotel groups and our first CEO at the helm, we look forward to Cycas Hospitality achieving even more record results over the coming years.”
Co-founder Wagner added: “Matt is no stranger to Cycas, having worked closely with us throughout his time at IHG. Critically, we know that he is a great culture fit for the business, sharing our values, passion and belief that hospitality success is underpinned by distinctive and memorable service. Our goal at Cycas has always been to make our hotels the best places to work as well as stay. We’re therefore confident that appointing Matt to lead the company will ensure Cycas is in the best possible position to drive our next phase of growth and are delighted to welcome him to our team.”