Aparthotel operator Staycity Group has completed on a sale, development and leaseback transaction with Bridges Fund Management and Citygrove on a new Wilde Aparthotel in Nine Elms, London.
Bridges and Citygrove will develop the circa £85m GDV aparthotel and Staycity, which secured planning consent for the 185-room aparthotel in November last year, has agreed a 30-year lease to operate the property.
The scheme at Wyvil Court, which is expected to open in 2028, will include a design-led front-of-house with publicly accessible reception, bar, co-working space, café and pantry and artisan shop.
The transaction is the first investment made by Bridges and Citygrove in partnership.
Barry Hickey, managing director of Staycity’s real estate arm, said: “In today’s volatile real estate market, to execute a transaction of this scale and complexity represents significant success. This is one of the very few hotel development transactions in London of scale in 2025, and testament to the investment confidence in Staycity Group. It has been a pleasure to complete our first transaction with Bridges Fund Management and we look forward to others in the future.”
Adam Amijee, investment manager at Bridges Fund Management, added: “We’re delighted to be partnering with Citygrove to regenerate this derelict office building and bring it back into economic use – drawing on our extensive experience of sustainable development to deliver measurable reductions in embodied and operational carbon. We’re also excited to be working with Staycity, who not only share our focus on ESG and sustainability, but also bring best-in-class operating expertise. We’re confident that together, we will deliver a modern, sustainable aparthotel that also creates jobs and supports local economic growth.”
Tom Fuller, development director at Citygrove, said: “This is a fantastic endorsement of Staycity, and also Citygrove’s track record in the hotel sector. We are delighted to have secured planning consent on behalf of Staycity, and to be continuing the project to deliver a best-in-class sustainable Wilde aparthotel in partnership with Bridges.”
Addleshaw Goddard acted for Staycity and Taylor Wessing and JLL acted for Bridges.
