Cheval Collection invests in new brand
Cheval Collection has launched a new urban lifestyle serviced apartment brand, MY Locanda.
The company plans to grow the brand by targeting dynamic cities around the world.
Mohammed Almarzooqi, managing director, Cheval Collection, said: “In December 2018 we announced our vision for Cheval Collection to expand beyond key cities in the UK and to take on new management contracts both in the domestic and overseas markets. The launch of our exciting new brand, MY Locanda, demonstrates that vision coming to life, and we are already talking to many developers and investors about future locations.”
Cheval Collection is working with real estate developers, family offices, HNW individuals and other investors, focusing on the UK, Europe and the Middle East, while considering all opportunities globally.
The launch will take Cheval Collection to three brands, with MY Locanda joining Cheval Maison and Cheval Residences. The brand is upscale to upper upscale with service levels customised to the needs of the modern, discerning traveller, and representing a more affordable price point for guests and investors.
Daniel Johansson, director of development & acquisitions, Cheval Collection, said: “The serviced apartment market continues to evolve, and we are thrilled to be launching MY Locanda and meeting growing demand from guests for stylish, design-led apartments where they can feel part of the local community."
“We have been developing MY Locanda for several years as the perfect partner to our existing set of brands. It is important for us to launch MY Locanda to underscore our commitment to this new and exciting phase in our growth and the evolution of the serviced apartment sector."
“We are in talks with a number of different investors about the growth of MY Locanda, alongside our existing brands with an ambition of multiple properties worldwide.”
The company is looking at new-build projects as well as conversions and refurbishments. The typical property will include 20% studio units, 20% one-bedroom units and 60% studios with sofa beds, making the product suitable for both long and short stays.
The brand will centre around the accommodation, supported by a strong F&B offering and The Lounge, a vibrant community space open to guests and local residents. MY Locanda blurs the lines between hotels and serviced apartments, with communal kitchens and the ‘Wall of Curiosity’, allowing residents and locals the chance to borrow and loan items sourced from the community for their stay.
Johansson added: “MY Locanda will appeal to those with an independent, youthful mindset travelling for leisure or business, solo, as a family or in groups of friends keen to find a stylish city base where they can engage with the local scene. Longer stay residents could include students, those relocating for business or those wanting a regular address in the city.”
Cheval Collection’s Chief Operating Officer, John Philipson, added: “MY Locanda is a perfect complement to Cheval’s existing brand offering, giving us the scope to deliver an exciting new concept that responds to and anticipates changing traveller behaviour. Each new property is designed to reflect the mood and personality of its surroundings and will be enhanced by up-to-date technology and superior service.”
The serviced apartment sector has seen growth in interest from investors during the pandemic, when many properties were able to remain open during the pandemic. The growth of peer-to-peer lodgings has driven interest from guests, drawn to the convenience of the whole-apartment model and the chance to feel embedded in a community.
The sector has attracted a number of new brand launches over the past 18 months from companies within hospitality. Cheval Collection remains one of the only specialist serviced apartment operators, with more than 40 years’ experience, a heritage which saw it sign five agreements in one year.
Locanda is Italian for small hotel or restaurant.
About Cheval Collection
Cheval Collection is an award-winning hospitality company specialising in high quality serviced apartments worldwide. The collection includes the Cheval Residences, Cheval Maison and MY Locanda brands. Cheval Collection has extensive expertise and resource available to take on new projects, from inception to opening alongside support functions across the business, from technical services, operations and facilities management to revenue and reservations, human resources and sales and marketing. www.chevalcollection.com
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