UK aparthotel brand Native has joined forces with mixed-use developer First Base to develop up to £400 mln (€445 mln) of aparthotel units across the UK.
The joint venture will identify and secure aparthotel or mixed-use sites with a primary focus around London, Oxford, Cambridge, Bristol and Edinburgh. Other target cities include Brighton, Reading, Manchester, York and Dublin.
The joint venture aims to commit £200 mln in 2018 and an additional £200 mln in 2019. First Base will be responsible for design, planning and construction while Native will operate the aparthotel units.
'This partnership clearly demonstrates our commitment to standout aparthotel developments across the UK, at a time when the sector is set for significant expansion,' said Archie Hunter, development director at Native. 'Our expansion will enable us to take our unique proposition to a greater range of key UK cities, addressing a significant gap in the market.'
Barry Jessup, director at First Base, said: 'Demand far outstrips supply for aparthotels in these locations, and we see homestay living playing an important role in the revitalisation of town centres. We will begin work on these developments as soon as we have secured the sites and planning consent, such is the demand.'