Appart’City is one of the leaders in the French urban residency market.
A newly created group was formed in 2014, which combined the Appart’City and Park&Suites operations. Both businesses were leading management companies of apartment hotels for tourism and business in France.
Today, the business operates under the Appart’City brand and has a network of more than 120 properties, which are located in city centres and suburban areas near business parks.
Equistone supported the successful merger of Appart’City and Park&Suites, which maximised commercial and operational synergies, and led to both companies being consolidated under the Appart’City brand in 2016.
A new President, COO, CFO and Commercial Director were appointed between August 2016 and February 2017 to invigorate the incumbent management team and implement a new business plan to deal with difficult market conditions in the French tourism industry. As a result, a full strategic and operational review was undertaken, including an assessment of each property within the network. New marketing initiatives and attractive pricing options were also introduced and led to an increase in occupancy rates and selling prices.
Equistone backed the management team’s new business plan, as well as rental negotiations and a property refurbishment programme.
Equistone sold its Fund IV investment in Appart’City to the North American real estate fund, Brookfield.