Patron Capital, the pan-European institutional investor focused on property backed investments, has sold its stake in the Staybridge Suites hotel in Liverpool to its partner Cycas Hospitality.
Cycas Hospitality will continue to manage the 132-suite extended-stay hotel, which is located on the Kings Waterfront, opposite the ECHO Arena, BT Convention Centre and Albert Docks. Recently it won Serviced Apartment of the Year 2015 at the Liverpool City Region Awards.
Camil Yazbeck, Investment Director of Hospitality and Leisure at Patron Capital, said:
“At Patron, we believe in backing management teams and this deal highlights our strong relationship with Cycas, with whom we previously partnered to develop, manage and sell two hotels at the gateway to London’s Olympic Park in Stratford. This latest hotel transaction follows our sale of Jupiter Hotels late last year.”
Eduard Elias, Founder and Partner at Cycas Hospitality, said:
“As one of the market leaders in the extended stay hotel sector in Europe we are delighted to acquire the stake in Staybridge Suites Liverpool from our partners, Patron Capital. It is an exceptionally well-performing asset and we see significant opportunity for growth in the years to come.”
Patron’s other hospitality investments include Luxury Family Hotels, The Spencer Hotel in Dublin and Generator, the design-led hostels brand.