£400m aparthotel JV launches

Aparthotel brand Native has formed a joint venture with mixed-use developer First Base to build up to £400m of aparthotel units across the country.The joint venture will identify and secure aparthotel or mixed-use sites with a primary focus around London, Oxford, Cambridge, Bristol and Edinburgh.The joint venture aims to commit £200m this year and an additional £200m in 2019.First Base will lead on design, planning and construction with Native operating the aparthotel units. Other target cities include Brighton, Reading, Manchester, York and Dublin.The agreement comes at a time when the UK aparthotel sector is set for significant growth with increasing numbers of business and leisure travellers opting for the independence of apartment living, coupled with the service and flexibility of a hotel.Each new site will benefit from Native and First Base’s distinctive design-led approach on ground-up developments and the sensitive restoration of historic, city-centre buildings.