Oaktree Capital Management and The Serviced Apartment Company (SACO) have merged their serviced apartment platforms to create a hospitality company in the serviced accommodation sector. The announcement was made at the International Hotel Investment Forum in Berlin.
Beyonder ApartHotel was developed by CL Serviced Apartments, Oaktree’s existing serviced apartment platform. The combined company will operate under the SACO name and will be comprised of both Oaktree and SACO’s existing serviced apartments, as well as the new Beyonder ApartHotel product.
The portfolio will consist 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 UK.
The combined company will be led by former SACO Managing Director Stephen Hanton, who will become CEO of commercial, and Max Thorne will become CEO of property.
“This transaction marks the exciting next chapter of SACO’s growth and development. We have acquired and are developing a unique set of properties for our growing business traveller clientele, whose preferences include more space and better integration into the fabric of the cities in which they are temporarily working and living,” said Hanton.
“This new serviced apartment business will fit perfectly with the prime city-center properties upon which we are expanding,” added Thorne. “Our new Beyonder ApartHotels will complement SACO’s existing range of high quality properties and will establish a new standard in this dynamic sector.”