SACO and Oaktree merger creates £60m serviced apartment firm

The combined company will operate under the SACO name and run a portfolio of 1645 apartments alongside the new Beyonder ApartHotel product, a serviced apartment concept aimed at millenial, global travellers.

Each Beyonder ApartHotel unit will be a minimum of 30 square metres and feature a bedroom, bathroom, kitchen and living space. Tablets will control everything from the lighting to the television and free high-speed wireless internet, telephone and films will be included.

Lesley Freed, founder of SACO, said: “SACO is pleased to be partnering with Oaktree on this transaction, as we will benefit from both their expertise and capital commitment as we seek to expand our suite of products with the launch of Beyonder ApartHotels, and redefine serviced accommodation by offering our customers a range of options in key destinations across the globe.”

The combined company will be led by Stephen Hanton, managing director of SACO since 2012, who will become CEO of Commercial. 

Hanton said: “This transaction marks the exciting next chapter of SACO’s growth and development. We have acquired and are developing a unique set of properties for our growing business traveller clientele, whose preferences include more space and better integration into the fabric of the cities in which they are temporarily working and living.” 

Max Thorne, who led the development of the Beyonder ApartHotel concept, will become CEO of Property.

Thorne said: “This new serviced apartment business will fit perfectly with the prime city-centre properties upon which we are expanding. Our new Beyonder ApartHotels will complement SACO’s existing range of high quality properties and will establish a new standard in this dynamic sector.”

Pablo Vélez, a Senior Vice President in Oaktree’s European Principal Group, said the combined company was ‘well positioned for additional growth and value creation’.

The first Beyonder Aparthotel will launch in London in December 2015.