Cycas: Extended stay operator to enter German market
Cycas Hospitality is currently operating nearly 1,000 serviced apartments in Europe for the extended stay brands of Intercontinental and Marriott, often under the same roof with traditional hotels. To date, the Dutch firm has not been active in Germany, but that is about to change. If Cycas founder Eduard Elias has his way, the German market will be the company’s key area of business within four years with up to 4,000 units in the extended stay and traditional hotel segment. “We see enormous potential in Germany, not least because of the country’s polycentric structure,” says Elias in an interview with TD. “Apart from newly builts, we will focus on office conversions and repositioning of existing hotels.” Cycas is looking toward the German Big 7 and secondary cities with strong economies. They will cooperate with developers and investors in the form of management contracts or leases, but will also consider co-investments. At the moment, Lisa Neubueser, who has been working for the longstay brand Zoku International and for Invesco Real Estate, is looking for suitable projects in Germany.
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