Nordic region’s leading corporate housing provider Forenom completes fifth acquisition within 12 months by acquiring StayAt HotelApart AB in Sweden. The transaction supports Forenom’s strategy to expand to be Northern Europe’s strongest corporate housing provider.
Forenom has concluded an agreement to purchase the entire business of StayAt, with four aparthotels and one serviced apartments location in Stockholm, Malmö and Lund. The deal contains altogether 700 accommodation units including StayAt’s upcoming aparthotel in Malmö. The transaction strengthens Forenom’s position as the Nordic market leader in business accommodation and will further fuel the growth in Sweden.
– StayAt is the leading chain of aparthotels in Sweden with great guest satisfaction and strong customer relationships. We are extremely happy about StayAt joining us in building the widest and most flexible accommodation offering in the Nordic countries, says Forenom CEO Johannes Kangas.
– We are excited to join the Forenom family and to continue growing our product. Together we will be able to better serve our clients and provide the best possible service. I look forward to the many opportunities that lay ahead, adds StayAt CEO Daniel Stendahl.
Alternatives to traditional hotels continue to disrupt the industry
Both Forenom and StayAt are specialized in providing alternatives to traditional hotel accommodation by offering serviced and hotel apartments for business customers in e.g. consultancy and research-intensive industries. In addition, Forenom has a strong foothold in accommodating project workers in the manufacturing and construction industries.
Project-based way of working increases companies’ need for extended stays. At the same time, the housing shortage in Sweden creates a high demand for serviced and hotel apartments, especially in Stockholm and the region of Skåne. Both companies provide solutions for extended-stay business customers who want freedom of choice and the ability to live a normal life and socialize while travelling.
– We have a strong feeling that the traditional accommodation world is changing. Together with StayAt, we are confident we will attract the next generation of business travellers who understand the benefits of home-like living combined with a warm community and reasonable pricing, says Forenom’s Head of Sweden, Mats-Erik Lidström.
Last year Forenom became the market leader in Norway through the acquisition of the serviced apartment company Oslo Apartments. Forenom strengthened its portfolio also in Finland with several serviced apartment and aparthotel operators. In addition to the acquisitions, Forenom seeks organic growth through the recently opened new offices in Bergen, Malmö and Gothenburg.
The acquisition will be effective starting March 1st, 2018 after which StayAt properties will be branded as Forenom. During year 2018, Forenom’s aparthotel chain will consist of 17 aparthotels in major Nordic cities.
Forenom has a professional track record of 18 years as a provider of highly versatile corporate housing solutions in the Nordic countries. Forenom manages over 5000 serviced apartments and aparthotel and hostel rooms in all major Scandinavian cities, accommodating over 90 000 travellers every year. Forenom is the Nordic market leader in corporate housing in terms of net sales, currently operating in Finland, Sweden, Norway and Denmark with 25 local offices and over 400 employees. Forenom’s goal is to continue growing rapidly and become the leading accommodation service provider in Northern Europe. The asset management company CapMan made a significant investment in Forenom in 2016, which is expected to accelerate Forenom’s growth and development opportunities internationally.
StayAt is the leading Swedish brand within hotel apartments, operating four properties in Bromma, Kista and Lund, with 600 apartments and 100 more to be opened in Malmö. The company primarily caters to Swedish and international experts working for high profiled companies within consultancy and education intense businesses, with both extended and shorter stay lodging. Current owners acquired StayAt in 2010. StayAt is known for their quality, proactive concept development and high customer satisfaction.
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