National law firm Shoosmiths has advised SACO The Serviced Apartment Company (SACO), on real estate matters relating to the development of a new brand of high specification serviced apartments, to be built in Edinburgh and Aberdeen.
SACO is one of the UK's leading providers of serviced apartments with an extensive network of properties in cities around the world. SACO is focused on helping millennial travellers get the most from their stays of any duration.
Each ApartHotel unit is a minimum of 30 square metres and has four distinct areas - bedroom, bathroom, kitchen and living space - and will be designed to exceptionally high standards. The first ApartHotel is due to open in London in the spring of 2016.
Max Thorne, CEO of property for SACO, who was integral to the acquisition of the Scottish sites and heavily involved in the brand spec, said: 'The real estate issues surrounding this transaction were complex but it is thanks to some excellent legal support this concept has become a reality.
'This new serviced apartment business will fit perfectly with the prime city-centre properties upon which we are expanding. Our new ApartHotels will complement SACO's existing range of high quality properties and will establish a new standard in this dynamic sector, as we look to grow the portfolio over the coming years.'
Janette Speed, real estate partner at Shoosmiths, added: 'It was a pleasure to work with Max and his team at SACO. It will be exciting to watch this new company blossom in to a leading force in the hospitality sector, and we wish Max and all at SACO the very best of luck with their new expansion plans.'
SACO will have a portfolio of more than 1,500 apartments, which includes new ApartHotels in London, Amsterdam, Edinburgh, Glasgow, Aberdeen and Dublin that are scheduled to open from the spring of 2016.
SACO was advised by real estate partner Janette Speed, associate Laura Bloxham and solicitor Shona White. The team was assisted by the Edinburgh property litigation team and advised SACO on all aspects of the acquisition.
Shoosmiths' real estate group is one of the largest in the UK, made up of teams advising on real estate, construction, planning and property litigation. Shoosmiths' clients include commercial and residential developers, investors, retail and leisure operators, social housing bodies, major corporate occupiers, banks and other funders and a range of public sector bodies.