Cycas Hospitality, a hotel management company and one of the largest branded extended-stay hotel operators in the UK, is continuing its international rollout by signing its inaugural deal in France, which will see it manage the first dual-branded Hyatt property in Europe.
Cycas has signed a lease agreement to operate the Hyatt Place and Hyatt House hotels, which are both on one site, close to Paris Charles De Gaulle airport. Cycas currently operates Hyatt Place London Heathrow Airport.
The 21,631 m2, five-storey building is located in Paris Nord 2 business park at 241 rue de la Belle Etoile in Roissy. It will have a total of 430 rooms - 309 at Hyatt Place and 121 at the Hyatt House extended-stay hotel - with the hotels sharing a conference venue, all-day dining/bar facilities, a gym and a large swimming pool.
Corporate demand
Hyatt House will be the first extended-stay hotel around Charles de Gaulle airport and follows a detailed feasibility study by Cycas showing that there is a strong market for extended-stay hotels at major airports; Hyatt has also experienced success with similar locations in the US.
As well as appealing to international guests, the backers believe that the hotel location will attract corporate demand from the local commercial and industrial hubs around Charles de Gaulle airport and the A1 corridor, which links Paris with Lille and the north of France.
Developed by Kaufman & Broad, the hotels are set to open in the second half of 2020.
Untapped European market
Asli Kutlucan, a partner at Cycas Hospitality, said: 'This is a major milestone in our international rollout plans, taking advantage of the growing and widely untapped market for the extended-stay concept in Europe to bridge the gap between hotels and home.
'With further deals in our pipeline in France and Germany our next key focus, we are making steady progress towards our target of having more than 10,000 guest rooms open and operating by 2022. These are exciting times and we look forward to announcing further news soon.'
The deal is Cycas’s first following a major investment from Huakee Group, the Thai family office and hotel owner and operator in Southeast Asia. With this backing, Cycas is rapidly growing its operations in Europe, including opening its first dual-branded hotel in Amsterdam at the beginning of the year under Marriott’s Moxy and Residence Inn brands.
Cycas
Following the Huakee investment, Cycas intends to grow its portfolio to more than 10,000 guest rooms in the next five years.
Founded in 2008, Cycas Hospitality operates a total of 2,782 suites and rooms open or under development across 18 hotels, 11 of which are open and three of which will open in summer 2018.
The hotels are in city-centre locations in London, Liverpool, Manchester and Newcastle. Cycas' first properties in mainland Europe are in Amsterdam and Paris.
