LED BY STEPHEN MCCALL , U . K . -BASED EDYN HAS A LIFESTYLE ANSWER FOR EXTENDED-STAY GUESTS AND IS FOCUSED ON EUROPE FOR GROWTH . NOW , IT IS WAITING FROM MORE SUITORS TO ARRIVE .
by JEFF WEINSTEIN , EDITOR IN CHIEF
Two-bedroom suite at Lehman Locke asset in East London
with Locke and most notably in Germany – where it will open 536 keys across Munich and Berlin . “ In addition , we are laying the groundwork for further openings in London and our entry to the Swiss market with the opening of a Locke in Zurich in 2023 ,” McCall adds .
To further its momentum , last March edyn secured an additional £ 105 million ( US $ 137 million ) in debt funding from Blackstone Mortgage Trust and KSL Capital Partners ’ European Capital Solutions platform ( KSL ECS ), to expand its Locke and Cove brands across Europe . The new funding will directly support the development of properties in Zurich and Lisbon .
Last month , edyn acquired the
Hotel Ascot in Zurich , which will convert to a Locke by 2023 with 80 mixed-style rooms and amenities that will include a restaurant , bar and coffee shop . Meanwhile , the Lisbon development is the conversion of a historic Portuguese convent , located close to Avenida da Liberdade in the city center . Scheduled to open in 2023 , the property will be the largest Locke to date , consisting of 369 keys , with amenities that include two destination restaurants , three cocktail bars , café and co-working space , swimming pool , courtyards , gym and meeting rooms .
The new support builds on the £ 195 million ( US $ 254 million ) multiasset debt facility created last year with Blackstone and KSL to support the acquisition and development of five new projects .
Edyn also has a property in Copenhagen , Denmark , which is expected to open in 2024 , and it bought other properties in Kensington West London as well as Canary Wharf . A flagship in Paris is also under development and a few years away , according to McCall , and the group has designs on Barcelona , Madrid , Milan and , ideally , Amsterdamand Rome . Back in Germany , it also has developments underway in Frankfort , Hamburg and Dusseldorf . “ That ’ s the first stage of growth and then you can start to look at either multiple Lockes in markets where there ’ s opportunity or potentially going further afield to other continents ,” McCall says .
To execute on this plan , it is now up to McCall to keep edyn agile and focused on building positive relationships with its partners to navigate the added challenges of a pandemic , Brexit and talent shortages .
BETTING ON TRENDS The former hotel accountant who rose to CFO of IHG ’ s Middle East and Africa business before realizing he ’ d be happier on the operations side and finally became COO for IHG in Europe , wasn ’ t so sure about this opportunity when first offered in 2018 . But , he says , the more he learned the more intrigued he became with the possibilities . “ Like many COVID-related things , this hybrid extended-stay trend has been accelerated by some fairly profound changes in society ,” he says .
Edyn , a pioneer in their space , is betting travelers are going to travel less but stay longer , and the length of stay plays into its hands because , as McCall puts it , “ you don ’ t want to be in a hotel room for three weeks .” That change in travel behavior is also expected to attract the
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