– Locke pipeline now exceeds 1,000 units ahead of European expansion –
ASAP Quality Accredited Operator Member SACO, recently acquired by affiliates of Brookfield Asset Management, has completed a series of new acquisitions that will add almost 1,000 new units to its Locke lifestyle aparthotel concept.
The design-led concept, which bridges the gap between contemporary lifestyle hotels and luxury serviced apartments, opened its first site in East London in October 2016 and has consistently outperformed its targets since. The team has subsequently secured additional sites in London, Berlin, Cambridge, Manchester, Dublin and Paris. The new sites, which offer 970 units between them will all open between 2018 and 2020.
Stephen Hanton, SACO’s CEO, said: “The business is entering a new phase in its development and we are absolutely delighted to be doing it with such an experienced and well supported parent company. SACO’s mission to reshape hospitality is straightforward but ambitious and, with Brookfield’s support and the expansion programme that we have planned, we believe that ambition can be achieved.”
The current pipeline brings SACO’s operational assets to 39 locations, offering a total of 1950 units. With a Pan-European expansion programme now underway, SACO aims to increase its key count to 4,500.
SACO’s development team will be targeting major European capitals including London, Amsterdam, Hamburg, Munich, Paris, Stockholm, Copenhagen, Barcelona, Milan, Lisbon, Madrid and Berlin.
The acquisitions follow the openings of the Cannon in the City of London, Leman Locke in Aldgate, Eden Locke in Edinburgh and the Wittenberg in Amsterdam over the past two years. It is scheduled to open Whitworth Locke in Manchester this summer and a boutique concept in Moorgate later this year.
Eric Jafari, SACO Property Group’s MD, said: “Like all ambitious endeavours, it was a difficult road to get here and we are thrilled to partner with Brookfield for the next chapter. Its corporate culture, professionalism and sector knowledge make them an invaluable partner in taking the platform forward.”