APG acquires a stake in aparthotel chain City ID

APG acquires a stake in aparthotel chain City ID

Real Estate
Vastgoed (01)

APG has acquired a significant stake in City ID, one of the leading aparthotel chains in Amsterdam. The intention is to expand the City ID product offering to European capital cities, similarly to what APG has previously achieved with its investments in citizenM and The Student Hotel.

City ID is one of the leading aparthotel chains in Amsterdam with currently three operational assets comprising over 250 units. Its most recently opened properties, Boat&Co and Twenty Eight, consistently achieve one the highest customer ratings in the city. The City ID apartment hotels offer design apartments with a wide range of services.

Robert-Jan Foortse, Head of European Property Investments at APG commented: “APG is delighted to be able to expand its investment programme to aparthotels. The investment in City ID is an attractive complement to our hospitality portfolio. Similarly to hotels, serviced apartments benefit from the megatrend of increasing tourism and business travel. An aparthotel offering is an ideal solution for those travellers looking for a longer-term accommodation than what a traditional hotel room can cater for. In our view there is a significant market opportunity to roll out this product type across the major European cities and we are excited to work with the City ID team on the platform expansion.”

Alexander Goad, Chief Executive Officer of City ID, said: “Our team is very pleased to enter into the partnership with APG. We see APG as the leading strategic investor in Europe with a successful track record in supporting innovative hotel platform expansions globally. We are much looking forward to jointly continue the City ID journey, further expanding our aparthotel offering in Europe.”