Hospitality group Cheval Collection has announced plans to expand its portfolio of serviced apartments into Scotland, as part of a long-term strategic vision for UK and international growth.
From July 2020, Cheval Collection will brand and operate two historic properties in the heart of Edinburgh, following an agreement signed today between Mohammed S Almarzooqi, managing director of the Cheval Collection and Chris Stewart, CEO of the Chris Stewart Group (CSG), the owner and developer of the properties.
The two properties, which will become Cheval Residences from 1 July 2020, include The Edinburgh Grand and Old Town Chambers. Together, they add a further 100 new apartments to Cheval’s existing portfolio of 512 apartments across its eight London Residences.
According to the group, the deal has been 12 months in the making, sealing a partnership between Cheval and CSG that is expected to cultivate further investment opportunities for both organisations in the future.
Mohammed Al Shaibani said: “In December 2018 we announced our vision for the Cheval Collection to expand beyond London and to manage both third party assets and invest in new properties both in the UK and overseas.
‘We are delighted that we have now secured the perfect partner for our UK expansion. The CSG portfolio in Edinburgh perfectly matches our vision and follows announcements of our plans to expand in Frankfurt and Dubai in the future.”
George Westwell, CEO of Cheval Collection, said: “We are delighted to announce this new agreement as part of our long-term expansion plans. The Chris Stewart Group with some of the most historically rich buildings in Scotland’s capital was our first choice for Edinburgh when we opened discussions in 2019.
“These will be our first properties outside London and a huge step in our ever-evolving journey and ambition to become the pre-eminent leader in luxury serviced apartment accommodation worldwide for any length of stay.”
Chris Stewart, CEO of the Chris Stewart Group said: “We are recognised as innovative developers and operators of complex listed buildings and we found that passion for exceptional quality products and service reflected in our Cheval Collection partners.
“This agreement for The Edinburgh Grand and Old Town Chambers provides access to premium sales channels that were previously closed to us as independent operators and realises another step forward for our growth strategy.”