P&P Group

German project developer P&P Group converts office space in Fürth in the Nuremberg metropolitan region into 60 serviced apartments under the STAYERY brand

Issuer: P&P Group / Key word(s): Real Estate/Strategic Company Decision
German project developer P&P Group converts office space in Fürth in the Nuremberg metropolitan region into 60 serviced apartments under the STAYERY brand

13.12.2023 / 15:37 CET/CEST
The issuer is solely responsible for the content of this announcement.

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FÜRTH/BERLIN, 13.12.2023. As part of its expansion, the serviced apartment brand STAYERY is adding the German city of Fürth in the Nuremberg metropolitan region to its portfolio of locations. A total of 60 units will be realised in the FLAiR experience centre, together with the equally German P&P Group as project developer and owner of the property. Completion and opening are planned for early 2025. On around 3,000 square metres, which were originally planned as office and commercial space, the offer for travellers will be created on the upper floor of the building. The concept of the two partners is suitable for stays of a few days as well as several weeks or months.

For STAYERY, the project in the Franconian city of Fürth is groundbreaking for office properties. "The FLAiR is a prime example of how an alternative use or subsequent utilisation of actually planned office space is possible if it is no longer needed in its originally planned quantity - due to trends such as home office and remote work," says STAYERY Managing Director Hannibal DuMont Schütte. Due to the changes in the property market as a result of the coronavirus pandemic, the P&P Group deliberately kept the use of the last vacant space on the upper floor of the FLAiR, which opened in 2021, flexible at first. "We have analysed the changes in the market and examined various options," explains Eva-Maria Zurek, CEO P&P Group, "As the increasing demand from travellers for serviced apartments developed into a stable, sustainable trend, this use became an increasingly interesting alternative for FLAiR. We then analysed several brands, STAYERY was the perfect fit for the location and tenant mix. Due to the long-term nature of the 20-year lease, this is a key component for the profitability of the experience centre."

As with all of the brand's properties, the STAYERY apartments in Fürth will combine the comfort of an individual apartment (including kitchenette) with numerous public areas such as a launderette, lounge, food & beverage and co-working area. The concept is complemented by hotel-like services such as regular apartment cleaning. With this combination, STAYERY offers the best conditions for stays of varying lengths. Thanks to extensive digitalisation, guests can also check in independently around the clock at STAYERY and manage the customer journey completely autonomously. "We are delighted that this modern concept from STAYERY makes our offering at the FLAiR experience centre even more diverse and attractive," says Christoph Langfritz, Managing Director of the P&P Group. "Creating spaces that bring people together is our common goal."

For STAYERY, centrality and infrastructure are extremely important criteria in Fürth and throughout Germany. "Our guests will find everything they need for their daily needs at FLAiR, from the bakery to the organic market to the food court. Thanks to its location in the centre of the city with a direct connection to the pedestrian zone, they also have attractive cultural and leisure options in the immediate vicinity," says Jan Winterhoff, Head of Expansion at STAYERY, explaining the advantages for travellers. The brand's new hotel will also have excellent connections to neighbouring Nuremberg via the main railway station, which is just a few hundred metres away. Winterhoff: "This means that the STAYERY apartments in FLAiR are also an excellent starting point for business travellers with appointments in the entire Franconian metropolitan region. Especially as there is hardly any accommodation in this region that is specifically tailored to longer-term stays."

STAYERY's apartments also benefit from the special energy efficiency concept at FLAiR Fürth. Above all, this includes the combination of a combined heat and power unit with three state-of-the-art chillers including heat recovery. Thanks to this environmentally friendly concept, the experience centre property is also BREEAM-certified by TÜV Süd, with the top rating of "Excellent". "It is part of the P&P Group's basic philosophy to permanently reduce the burden on tenants through such efficiency measures," emphasises CEO Eva-Maria Zurek. "Our tenants can pass on the savings to customers through more favourable conditions or promotions, making them even more attractive." So far with impressive success: in 2023, the number of visitors to the FLAiR increased by almost 23 per cent compared to the previous year, to around 275,000 per month.

ABOUT STAYERY:

STAYERY stands for authentic stays for modern travellers. STAYERY serviced apartments combine the comfort of an apartment with hotel-like services such as apartment cleaning, manned reception, a lounge with a food & beverage area, co-working spaces and a launderette. STAYERY's digital solutions, such as contactless check-in, provide guests with a simple and contemporary travel experience, regardless of whether they are on a city break or a business trip. There are currently 514 apartments available in Berlin, Bielefeld, Bremen, Frankfurt, Cologne and Wolfsburg. The secured project pipeline comprises over 600 apartments. Further information can be found at www.stayery.de.

ABOUT P&P GROUP:
The P&P Group has been developing, revitalising and marketing residential construction projects and commercial properties for almost 30 years. With a total transaction volume of more than 3.2 billion euros and currently around 100 employees, P&P Group covers all areas of the value chain as an initiator, investor and asset manager. Its core competencies include the development of new buildings and the revitalisation and modernisation of old buildings worthy of preservation.

PRESS CONTACT STAYERY:
c/o RUECKERCONSULT GmbH Sara Singbartl;
Hohenzollernring 58, 50672 Köln
Telefon: [phone] 
Mail: [e-mail]

PRESS CONTACT P&P GROUP:
Luzia Winkler
Isaak-Loewi-Straße 11; 90763 Fürth
Telefon: +49 (0)911 – 766 06 146
Mail: [e-mail]

Wolfgang Ludwig
Mathias-Brüggen-Straße 124; 50829 Köln
Telefon: +49 (0)221 – 292 19 282
Mail: [e-mail]

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