Newcastle based Week2Week Serviced Apartments already has multiple locations across the city in its name, but has now added a former Jesmond hotel to its ranks as they aim to double their portfolio by the end of 2017.
And the news comes fresh from Week2Week becoming members of the GREAT China Welcome Charter, designed to show the best Britain has to offer.
The ex-hotel acquisition will see Week2Week take over six fully serviced apartments and means the properties in the new block will join existing accommodation managed by Week2Week in the Fenwick Terrace region of the suburb.
However, the move is not the last which is planned by Week2Week with the firm having eyes on further expansion and around the city centre of Newcastle Claire Parry, Week2Week’s director says the former hotel is the perfect move at the perfect time: “It’s always good to grow the business, but we’re striking while the iron is hot, building on the continuing good news and keeping the momentum going.
“The new locations we have just acquired have us set to continue offering fully serviced apartments in Newcastle and the surrounding areas – the only thing this changes is the amount of apartments we can offer.”
The newest acquisition comes fresh off the back of a three-year, 37% increase in sales for Week2Week and a planned inventory growth of 50% in the coming year. The figures seem to confirm what estate agent Savills suggested in 2015, when they stated in an online article that serviced apartments are expected to outperform hotels.
And it’s the best possible start to a year of planned expansions, with Week2Week looking to increase its portfolio in 2017, a year after industry expert John Wagner predicted 2016 to be a breakthrough year for serviced apartment providers.
And Wagner went on to state in the interview with Serviced Apartment News that the growth would continue through this year.