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Serviced apartment company SACO has finalised the acquisition of a property in London which will become an aparthotel.
The new 13,000 sq. ft. five-storey property is located on Buckle Street, East London, and will form an extension to SACO’s new 168-unit aparthotel on Leman Street, which is scheduled to open in the fourth quarter of 2016.
The building will be converted into a 78-unit aparthotel with plans to open in the second half of 2018.
The new property is one of a five new SACO aparthotels scheduled to open in the next three years including London Cannon Street due to open later this year.
SACO MD of development Eric Jafari said: “This acquisition will enable us to grow our lifestyle aparthotel presence in the city, and heralds the start of a £100 million acquisition programme planned for 2016.”
“Serviced apartments is the fastest growing element of the hospitality sector, and our investment in new property will enable us to remain at the forefront of the evolution in this rapidly changing sector,” he added.